Kyrgyzstan’s parliament, on Thursday, endorsed Temir Sariyev, former economy minister, as the new prime minister following the resignation of Joomart Otorbayev over a mining disagreement with Centerra Gold from Canada. Otorbayev stepped down after failing to reach an agreement with Centerra regarding the future of Kumtor mine, the largest gold reserve in the Central Asian nation. Sariyev, a 51-year-old economist, addressed parliament before the vote, emphasizing the resolution of the Kumtor issue as a top priority. He advocated for granting full authority to the government for its resolution while dismissing calls for nationalization, citing associated risks. Negotiations between Kyrgyzstan and Centerra have been ongoing for over a year, focusing on a potential deal involving the exchange of Kyrgyzstan’s 32.7 percent stake in Centerra for a fifty percent share in a joint venture overseeing the gold mine. However, discussions faced a setback when Otorbayev proposed an alternative approach, seeking increased representation on Centerra’s board of directors, citing the company’s revised estimates of Kumtor’s reserves. In February, Centerra reported a decrease in proven and probable reserves, prompting concerns about the viability of the joint venture.
