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by Stockwatch Business Reporter
New York spot gold fell $10.80 to $1,159.60 on Friday. The TSX Venture Exchange lost 0.70 point to 748.80 while the TSX Gold Index lost 7.50 points to 186.43. Canadian golds were a sea of red today. Alacer Gold Corp. (ASR) fell another 19 cents to $1.98 on 2.98 million shares while Agnico Eagle Mines Ltd. (AEM) fell $2.91 to $50.40 on 1.68 million shares.
Scott Perry and Stephen Lang's Centerra Gold Inc. (CG) lost 28 cents to $6.99 on 2.18 million shares on word the company did not declare a third quarter dividend and is indefinitely suspending future dividend payments. Centerra had been paying a quarterly dividend of four cents for some time but the company's major source of cash, the Kumtor gold mine in Kyrgyzstan, is inaccessible because of a court order preventing Centerra's Kyrgyzstan-based subsidiary from transferring cash to the parent company. This is officially because the Kyrgyzstan government wants the subsidiary to be able to cover a potential liability arising from an environmental claim against Centerra. Unofficially, it is because of the steadily deteriorating relationship between Canterra and the Kyrgyz government, and one that was frequently fractious to begin with.
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