Creation of Governing Coalition, Kyrgyz Republic
Kentor Gold Limited (ASX Code: KGL) (Kentor or the Company) advises the market that further to the signing of an Agreement on the formation and activity of the coalition parties in Bishkek on the 30th of November by leaders of the Social Democratic Party, the Republic Party and Ata Meken, the Kyrgyz Parliament failed to ratify the appointment of the nominated speaker, Omurbek Tekebaev. As a result, the coalition was unable to form government.
On Saturday the 4th of December, President Rosa Otunbaeva mandated the leader of the Republic Party, Omurbek Babanov, with the task of forming a governing coalition. Mr Babanov now has 15 days in which to form a coalition and have it ratified by parliament. Failing this, the matter will be delegated to Parliament for resolution. In the event there is no resolution of the matter within 15 days, fresh elections may be called.
The failure of the original coalition to obtain endorsement from parliament has no impact on the extension of Kentor’s Andash Mining and Exploration Licenses announced on Friday. The major outstanding item for development of the Andash project is to obtain the approval of Local council. This approval is reliant upon the formation of a governing coalition.
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