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Member of Centerra Gold Inc Board of Directors comments on situation with decrease of value of stocks.

The member of the Board of Directors of Centerra Gold Inc, Amangeldy Muraliev, today commented on the situation with decrease of value of securities of the company during visit to the Kumtor mine. He explained the decrease of value of shares with two factors. "Firstly, the decrease is connected with man induced reasons. The move of the glacier increased in April and its speed reached 1 meter a day. This is why the measures were adopted to ensure safety for workers and the production process. Equipment was removed from the pit and development of a a new safer zone started. A big volume of stripping operations was required. It was necessary to secure the move of the glacier. All equipment was used to lessen the glacier. The move of the glacier is stopped now," Amangeldy Muraliev said. The time was lost, however. Besides, there were political risks, the road to the Kumtor mine was blocked, he added. "Then the parliamentary commission worked, which made a lot of noise. I agree with foreign analysts, who said that many judgments of the parliamentary commission were superficial and biased, this is why the state commission was created. I think the Parliament made a right decision. At the same time, political risks are of a high level and they affect the value of securities. The Centerra Gold Inc is a joint stock company, public company, its shares are listed at the Toronto stock exchange. Naturally, the whole world monitors the situation in mining companies, Muraliev said.

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Publication:AKIpress News Agency
Date:Jul 6, 2012
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