For all its threats to nationalize Kumtor, the Kyrgyz government would be hurting itself if it does so since the country currently owns one-third of Centerra. By nationalizing the gold mine it would probably push the company into bankruptcy, which would render its large equity stake in the company practically worthless. Centerra’s market capitalization is currently around $1.6 billion, which would put Kyrgyz’s loss at over $500 million if it followed through on its threat. The Kyrgyz government would probably lose much more since mine production would drop significantly if Centerra's expertise was suddenly lost.
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