Centerra Gold buying a gold project in Nevada in deal worth US$206.5M


Published February 22, 2022 at 6:38 am

TORONTO — Centerra Gold Inc. has signed a deal to buy Gemfield Resources LLC and its Goldfield District Project in Nevada.

Under the deal with Waterton Nevada Splitter LLC, Centerra will pay a total of US$206.5 million including US$175 million in cash at closing plus a US$31.5-million future milestone payment payable in cash or Centerra shares.

The Toronto-based gold miner says Goldfield is a conventional open-pit, heap leach project in late-stage development.

Centerra says it believes that the project also has significant upside potential from its large, underexplored land position.

Centerra operates two mines including the Mount Milligan Mine in B.C. and the Öksüt Mine in Turkey. 

It also still owns the Kumtor Mine in the Kyrgyz Republic, but it is currently not under the company’s control.

This report by The Canadian Press was first published Feb. 22, 2022.

Companies in this story: (TSX:CG)

The Canadian Press

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