[UPDATE] Centerra Gold Receives Approval from Kyrgyzstan for 2014 Mine Plan

Centerra Gold’s mine plan for 2014 has officially been approved.

The government of Kygyzstan said on Wednesday it had approved the company’s plan, rushing to meet a deadline set by the Canadian investor who had previously threatened to shut operations down at the gold deposit.

"We have signed a relevant order. The company receives the right to continue its work," Valery Dil, Kyrgyzstan's deputy prime minister in charge of economy and investment, said in a report.

"We chose the most rational option ... to avoid the mothballing of the company's facilities and to avert unpredictable consequences for the economy and ecology."

Centerra Gold said last week it would begin initiations to shut down operations at the country’s largest gold deposit, the Kumtor Project, if its mine plan was not approved and permits were not issued by June 13.

"The company reiterates ... that absent the receipt of such approvals by the close of business on (Friday) June 13, 2014, it intends to begin an orderly shutdown of operations at the Kumtor project," Centerra said.

According to the Kyrgyz geology and mineral resources agency, the company must now coordinate with Kyrgyzstan’s ecological services by August 1 with its planned work for its operations in the Tien Shan mountains. The company must also register all explored minerals reserves of its license area.

Centerra Gold is a Canadian-based gold mining company engaged in the operation, exploration, development and acquisition of gold properties in Asia, the former Soviet Union and other emerging markets worldwide.