Gold miner Centerra has turned down a $205-million offer for its 50% interest in the Greenstone Gold Mines (GGM), partner Premier Gold Mines announced on Thursday.
Premier confirmed the offer on March 30 and explained that it had assigned its rights to another company with the financial muscle to take the C$1.25-billion Hardrock project through to production to submit the offer.
"Centerra's decision not to accept our offer confirms that Centerra recognises the substantial value of the Hardrock project and is inconsistent with its refusal to make a positive feasibility decision in connection with the project,” said Premier president and CEO Ewan Downie.
The Hardrock project – GGM’s principal asset – is located on the Trans-Canada Highway in Ontario. Hardrock is one of the most significant large-scale, near permitted, mine development opportunities in North America.
Premier stated that it would continue to take all steps necessary to protect its interest in the project.