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Centerra pursuing ‘all measures’ after Kyrgyzstan gold mine seizure

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Canada‘s Centerra Gold is taking all measures possible to protect shareholder rights and is seeing good support from the Canadian and UK governments, Chief Executive Scott Perry said on Tuesday, a day after Kyrgyzstan seized control of the company’s Kumtor gold mine.

Kyrgyzstan’s parliament voted Monday to seize control of the gold mine, the country’s largest, after Centerra said it would take the government to an international court.

“Rest assured that we’re taking all measures possible to ensure that we’re protecting the rights of the organization and the rights of our shareholders,” Perry said on a conference call with analysts.

A Kyrgyzstan court this month imposed a $3.1 billion fine on Centerra’s Kumtor Gold Company after ruling that it had breached environmental laws by placing waste rock on glaciers. Centerra disputes the charges.

Canada expressed disappointment after Monday’s vote and said the move could jeopardize foreign investment in the Central Asian country.

Late on Monday, Centerra also placed restrictions on the sale of shares held by state-owned Kyrgyzaltyn JSC, which owns a roughly 26% stake in Centerra. The Canadian mining company said it accepted the resignation of Kyrgyzaltyn nominee Tengiz Bolturuk from the board with immediate effect.

The company finished the latest quarter with $823 million in cash with as much as 99% held outside of Kyrgyzstan, Perry said, adding that Centerra is “no longer in control” of Kumtor.

Kyrgyzstan has a long history of disputes with Centerra Gold over how to share profits from the former Soviet republic’s biggest industrial enterprise.

The latest stand-off began shortly after Sadyr Japarov came to power in Bishkek following violent riots last October.

Last year, the mine produced more than 556,000 ounces of gold.

(Reporting by Jeff LewisEditing by Chizu Nomiyama and Will Dunham)

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End of Manitoba legislature session includes replacement-worker ban, machete rules

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WINNIPEG – Manitoba politicians are expected to pass several bills into law before the likely end of legislature session this evening.

The NDP government, with a solid majority of seats, is getting its omnibus budget bill through.

It enacts tax changes outlined in the spring budget, but also includes unrelated items, such as a ban on replacement workers during labour disputes.

The bill would also make it easier for workers to unionize, and would boost rebates for political campaign expenses.

Another bill expected to pass this evening would place new restrictions on the sale of machetes, in an attempt to crack down on crime.

Among the bills that are not expected to pass this session is one making it harder for landlords to raise rents above the inflation rate.

This report by The Canadian Press was first published Nov. 7, 2024

The Canadian Press. All rights reserved.



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Father charged with second-degree murder in infant’s death: police

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A Richmond Hill, Ont., man has been charged with second-degree murder in the death of his seven-week-old infant earlier this year.

York Regional Police say they were contacted by the York Children’s Aid Society about a child who had been taken to a hospital in Toronto on Jan. 15.

They say the baby had “significant injuries” that could not be explained by the parents.

The infant died three days later.

Police say the baby’s father, 30, was charged with second-degree murder on Oct. 23.

Anyone with more information on the case is urged to contact investigators.

This report by The Canadian Press was first published Nov. 7, 2024.

The Canadian Press. All rights reserved.



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Ontario fast-tracking several bills with little or no debate

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TORONTO – Ontario is pushing through several bills with little or no debate, which the government house leader says is due to a short legislative sitting.

The government has significantly reduced debate and committee time on the proposed law that would force municipalities to seek permission to install bike lanes when they would remove a car lane.

It also passed the fall economic statement that contains legislation to send out $200 cheques to taxpayers with reduced debating time.

The province tabled a bill Wednesday afternoon that would extend the per-vote subsidy program, which funnels money to political parties, until 2027.

That bill passed third reading Thursday morning with no debate and is awaiting royal assent.

Government House Leader Steve Clark did not answer a question about whether the province is speeding up passage of the bills in order to have an election in the spring, which Premier Doug Ford has not ruled out.

This report by The Canadian Press was first published Nov. 7, 2024.

The Canadian Press. All rights reserved.



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