Placer settles with Kazakstan

Placer Dome (PDG-T) has settled its dispute with the Kazakstani government regarding the US$35-million refundable deposit the company made in April 1995.

The government paid the company US$25 million in an agreement that stipulates that both parties must set aside all further claims against the other.

According to Placer Dome President John Willson, “We are pleased to have resolved our differences and to have recovered most of our exploration expense payment from 1995. Now we can resume building a mutually beneficial relationship with the Kazakstan government. Placer Dome remains very interested in the geological potential of Kazakstan. “

Under the terms of the original agreement, repayment of the US$35 million was due within nine months of Placer Dome’s withdrawal from the Vasilkovskoye gold deposit. As a result, the payment date was set at July 4, 1996.