Centerra Gold Announces Sale of Mongolian Business Unit
October 12 2018 - 12:15PM
Centerra Gold Inc. (“Centerra”) (TSX: CG) announced today that it
has completed the sale of its Mongolian business unit, including
the Boroo Gold Mine and processing facility and the Gatsuurt Gold
Project to OZD ASIA PTE Ltd. (“OZD”), for net proceeds of US$35
million. OZD has purchased all of the outstanding shares and
debt of Centerra Netherlands, BVBA which is the 100% direct
shareholder of the Company’s Mongolian subsidiaries, Boroo Gold LLC
and Centerra Gold Mongolia LLC (“CGM”).
Under the purchase agreement, OZD will retain
the US$5 million payment received in September 2018 and the
additional US$5 million to be received by CGM from Steppe Gold LLC
in respect of the previous sale of the ATO Project.
Scott Perry, Centerra’s President and Chief
Executive Officer stated “the disposition of the Mongolian business
unit is another step forward in enhancing the overall quality of
Centerra’s portfolio of assets and will allow management to focus
on the Company’s development projects in other jurisdictions,
including Canada and Turkey”.
OZD is a private, Singapore based company that
focuses on emerging markets mining and metal assets by acquiring,
financing and operating in order to bring value to its
shareholders.
About CenterraCenterra Gold
Inc. is a Canadian-based gold mining company focused on operating,
developing, exploring and acquiring gold properties in North
America, Asia and other markets worldwide and is the largest
Western-based gold producer in Central Asia. Centerra
operates two flagship assets, the Kumtor Mine in the Kyrgyz
Republic and the Mount Milligan Mine in British Columbia, Canada
and is building its 100% owned Öksüt Gold Mine in Turkey.
Centerra's shares trade on the Toronto Stock Exchange (TSX) under
the symbol CG. The Company is based in Toronto, Ontario,
Canada.
For more information:
John W. PearsonVice President, Investor Relations(416)
204-1953john.pearson@centerragold.com
Additional information on Centerra is available on its
web site at www.centerragold.com and at SEDAR
at www.sedar.com.
A PDF accompanying this announcement is available
at http://resource.globenewswire.com/Resource/Download/3c2d8e12-09a9-4c7d-9960-d22ddc9234a7
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