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Centerra Gold suspends dividends over financial restrictions by Kyrgyzstan

Centerra Gold Inc. suspended its third-quarter and future quarterly dividends due to the financial restrictions imposed by Kyrgyzstan on funds held at its key subsidiary, Kumtor Gold Co. CJSC, operator of the Kumtor gold mine in Kyrgyzstan.

The company said the board would reassess the decision after the issue with Kyrgyzstan was resolved.

A Kyrgyzstan court ruling in June restricted Kumtor from making certain financial transactions, including the transfer of money to parent Centerra.

Meanwhile, UniCredit Bank AG and the European Bank for Reconstruction and Development granted Centerra unit Öksüt Madencilik Sanayi ve Ticaret AS, an extension to its US$150 million credit facility to June 30, 2017, upon satisfaction of certain conditions.

The facility is earmarked for the development of the company's Öksüt gold project in Turkey.

The company, however, noted there is no assurance it will meet facility conditions on permitting by the new deadline.