Monday, 06 February 2006

KYRGYZ PRESIDENT REBUKES BRITISH MINING COMPANY IN OPEN LETTER

Published in News Digest

By empty (2/6/2006 issue of the CACI Analyst)

President Bakiev has responded with a public rebuke to a British mining company after a private letter from British Prime Minister Tony Blair urging Kyrgyz authorities to resolve a licensing dispute, \"The Times\" reported on 3 February. Oxus Gold was stripped of its license to develop the Jerooy mine in Kyrgyzstan in 2004. Blair had written privately to Bakiev to urge a resolution of the matter, noting that Oxus raised $60 million for Jerooy and warning that the loss of its license presents \"a real danger of damage to Kyrgyzstan\'s reputation in the international financial markets,\" \"The Independent\" reported.
President Bakiev has responded with a public rebuke to a British mining company after a private letter from British Prime Minister Tony Blair urging Kyrgyz authorities to resolve a licensing dispute, \"The Times\" reported on 3 February. Oxus Gold was stripped of its license to develop the Jerooy mine in Kyrgyzstan in 2004. Blair had written privately to Bakiev to urge a resolution of the matter, noting that Oxus raised $60 million for Jerooy and warning that the loss of its license presents \"a real danger of damage to Kyrgyzstan\'s reputation in the international financial markets,\" \"The Independent\" reported. Bakiev responded publicly, saying, \"Based on Oxus\'s irresponsible and unlawful behavior, we have no confidence that they and their subsidiary will meet their contractually mandated obligations to our government,\" \"The Times\" reported. Oxus shares fell 17 percent in London on 3 February on news of Bakiev\'s letter, \"The Independent\" reported. (RFE/RL)
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