Jerooy in new hands (February 05, 2007)

The Kyrgyz government has issued a licence for development of the Jerooy gold deposit to a joint venture of state mining agency Kyrgyzaltyn and Austrian-domiciled company Global Gold Holding, further frustrating the ambitions of London-listed Oxus Gold (OXUSF-O, OXS-L).

Global owns 60% and Kyrgyzatlyn 40% of the new joint-venture company, Jerooy Altyn (Jerooy Gold).

Oxus, which had been a 67% partner in another joint venture with Kyrgyzaltyn, Talas Gold Mining, has been frozen out of the Jerooy property since late 2005 when the Kyrgyz government lifted Talas’s licence. The government cited a dispute with Kyrgyzaltyn over the development schedule for Jerooy. Oxus sought arbitration and entered further negotiations with Kyrgyzaltyn and the government, but had no success.

The affair turned bloody in July when Sean Daley, a British national acting as a negotiator for Oxus, was shot outside his apartment in Bishkek during negotiations over the licence. In September, the Kyrgyz government seized buildings on the Jerooy property.

Print

Be the first to comment on "Jerooy in new hands (February 05, 2007)"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close