Canadian gold miner Centerra Gold has completed the sale of its 50% interest in the Greenstone Mines Partnership (GGM) to an affiliate of the Orion Mine Finance Group.
Centerra received an upfront cash payment of $210-million for its stake in GGM, which owns the Hardrock project in Ontario.
Besides the upfront payment, Centerra is entitled to receive further contingent payments of up to $75-million upon the Hardrock project meeting certain construction or production milestones. Further details can be found in Centerra’s December 15, 2020 news release.
Centerra and Premier Gold Mines, which owns the other half of GGM, have locked horns over the development-stage project.