Kyrgyzstan President's attack sends Oxus shares crashing
Saturday 04 February 2006
The reaction came despite new protestations from Oxus that it had done nothing wrong. The company has spent $46m (£26m) developing the Jerooy gold mine in Kyrgyzstan, bringing the development of the project close to completion.
However, Oxus also revealed it had offered concessions to the Kyrgyzstan government, in a last-ditch attempt to save the project.
Oxus, which is listed on AIM, said: "The company remains committed to developing the Jerooy project in the fastest possible time and has indicated to the Kyrgyz government that it is willing to improve the returns to the Kyrgyz people from the joint venture, if appropriate."
Kyrgyzstan has revoked the licence Oxus held to develop the mine, accusing it of failing to meet conditions. The company said yesterday construction at the site has been conducted in accordance with a licence issued by the Kyrgyz State Committee for Architecture and Construction on 24 May 2004. Building of the processing plant started early last year after the project designs and other documentation had been through an extensive approval process by the relevant state bodies, Oxus said, and ongoing construction continues to be monitored regularly in accordance with state procedures.
The company said: "At no time has Oxus or [its subsidiary] Talas Gold Mining Company been advised by any state body to cease construction."
It emerged this week Tony Blair had tried to intervene on behalf of Oxus by writing in support of its project to the President of Kyrgyzstan, Kurmanbek Bakiyev. However, the Kyrgyz government released a letter to the press from its leader - reported in The Independent and other newspapers yesterday - that rebuffed Mr Blair's efforts.
The Prime Minister had suggested the country was breaching an anti-corruption initiative it had signed up to, but Mr Bakiyev strongly denied this.
- 1 Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
- 2 The secret report that helps Israelis to hide facts
- 3 Danish TV reporter is all business up top, all party down below
- 4 Ross Burden dead: MasterChef and Ready Steady Cook star, dies aged 45
- 5 Businessman charged £75 for three small bottles of water in London hotel
Danish TV reporter is all business up top, all party down below
Israel-Gaza conflict: President Obama presses Netanyahu to call ‘immediate and unconditional’ Gaza ceasefire
Ross Burden dead: MasterChef and Ready Steady Cook star, dies aged 45
Zayn Malik on Israel-Gaza: One Direction singer bombarded with Twitter death threats after posting #FreePalestine
MH17 crash: Black boxes show plane suffered 'massive explosive decompression' following shrapnel hit
The secret report that helps Israelis to hide facts
A day in the life of Vladimir Putin: The dictator in his labyrinth
Were 'Poor Doors' added to mixed developments so wealthy residents don't have to go in alongside social housing tenants?
A new Russian revolution: The cracks are starting to appear in Putin’s Kremlin power bloc
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Opponents of Israel's military operation in Gaza are the real enemies of Middle Eastern peace
iJobs Money & Business
Data Governance Manager (Solvency II) – Contract – Up to £450 daily rate, 6 month (may go Permanent)
£350 - £450 Per Day: Clearwater People Solutions Ltd: We are currently looking...
£500 - £560 per day: Orgtel: Java Developer FX - Banking - London - Up to £560...
£350 - £400 per day + competitive: Orgtel: My client, a leading bank, is curre...
£26000 - £30000 per annum + Benefits: Ashdown Group: Account Manager - (Produc...