At the end of the 2017 calendar year, The Mt. Milligan mine had reserves with 1.9 billion lb. of copper and 5.1 million oz. of gold. (Image: Centerra Gold)
MONGOLIA – Toronto-based Centerra Gold is selling its assets in Mongolia. That includes the suspended Boroo gold mine and mill as well as the Gatsuurt gold development project. Both properties are to be purchased by OZD Asia pte for net proceeds of US$35 million.
Centerra CEO Scott Perry said the decision to sell was driven by the opportunity to enhance the overall quality of the company’s portfolio. Priority will be given to development projects in Canada and Turkey.
In North America, Centerra owns the Endako molybdenum mine in British Columbia and the Thompson Creek moly mine in Idaho. Mining has been suspended at both these properties. The company is also advancing the Kemess underground gold-copper project in British Columbia. Elsewhere in B.C., Centerra continues to mine at the Mt. Milligan copper-gold deposit. It produced 53.6 million lb. of copper and 222,567 oz. of gold in 2017.
In Turkey, Centerra is developing the Oskut gold project. The 2015 technical report envisions an open pit operation that would mine a total of 26.1 million tonnes of ore grading 1.38 g/t gold through 2023.
Centerra also owns the Kumtor gold mine and mill in the Kyrgyz Republic. It produced more than 10.4 million oz. of gold from 1997 through 2015.
Please see www.CenterraGold.com for details of these and the company’s other undertakings.