https://www.miningweekly.com

Centerra sees $206m Nevada acquisition as foothold for US opportunities

22nd February 2022

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

Font size: - +

Canadian miner Centerra Gold on Tuesday announced the $206.5-million acquisition of the Goldfield district development project, in Nevada, improving its geographic profile.

The company, which currently has two operating mines – one in Canada and the other in Turkey – was dealt a blow in 2021 when the Kyrgyzstan government seized control of its lucrative Kumtor gold mine.

The acquisition of the Goldfield project, from Waterton Nevada Splitter, increases the firm’s exposure to North America and provides an “anchor asset that can act as a foothold for further opportunities in the US”.

Goldfield is a conventional openpit, heap-leach project in late-stage development, containing three known deposits: Gemfield, Goldfield Main and McMahon Ridge.

“We are very excited to be adding this high-quality development project and its substantial tier-one jurisdiction land package to our portfolio. Similar to our Öksüt mine, Goldfield will be a heap leach mine, with low initial capital outlay and low projected production costs,” said president and CEO Scott Perry.

The first pit for potential development will be Gemfield. Centerra will further refine existing technical studies, with a resource estimate expected to be released in the first half of 2023 and an updated feasibility study thereafter.

The company noted that the acquisition provided it with an underexplored property with substantial upside potential. Numerous targets had been identified for drill-ready regional exploration, with the potential to expand known deposits and extend the mine life.

“Our experienced exploration and operational teams have intimate knowledge of an asset of this kind, and I feel that they will be able to successfully develop and execute on this project in the coming years, delivering another source of meaningful cash flow to Centerra,” Perry said.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

ZF Aftermarket
ZF Aftermarket

ZF Aftermarket is the after-sales division of the world-renowned German ZF group, a global leader in mobility technology.

VISIT SHOWROOM 
Vikela Aluvin (Pty) Ltd
Vikela Aluvin (Pty) Ltd

Complete range of security sealing solutions including security seals bags and labels.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.054 0.32s - 110pq - 2rq
Subscribe Now