Centerra Gold acquires remaining interest in Turkish project
TORONTO (miningweekly.com) – TSX-listed Centerra Gold on Thursday said it had closed a transaction through which it had acquired the remaining 30% interest in the Öksüt gold project, located in central Turkey.
Closing of the transaction was conditional on the conversion of six exploration licences to two operation licences, among other conditions.
The company said it received the two operation licences on January 16.
On closing of the transaction Centerra became the sole owner of the Öksüt project and assumed operatorship and day-to-day management of the project.
During the year, the exploration programme would focus on expanding and upgrading the Öksüt gold resource, advancing ongoing metallurgical testwork and initiating detailed environmental and technical project studies.
Centerra, which operates its flagship Kumtor gold mine in Kyrgyzstan, acquired Stratex's interest in Öksüt for $20-million in cash and a 1% net smelter return royalty on the project that is capped at $20-million.
Centerra and Stratex in 2009 formed a joint venture (JV) to explore the Öksüt gold project. From that time Centerra earned an indirect 50% interest in the project by advancing $3-million to the JV through to October 2011 and acquired an additional 20% interest in the project by contributing $3-million more, which it completed in October of this year.
Centerra’s TSX-listed stock traded 3.14% higher on Thursday afternoon at C$8.87 apiece.
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