250:'s gold mining interests. In 2002 the Canadian uranium mining company Cameco created the Kumtor Mountain Holdings Corporation as a subsidiary which, in December 2003, would be re-named Centerra Gold. As part of a new restructuring and investment agreement the Government of the Kyrgyz Republic, effective June 2004, under which tax and legal rules governing the Kumtor project were finalized, both Cameco (66%) and Kyrgyz Republic-owned Kyrgyzaltyn JSC (33%) transferred their interests in the Kumtor mine to Centerra, with outstanding debts owed to the
277:, with Kumtor making up 4% of the Kyrgyz Republic's gross domestic product in 2007 and Boroo accounting for almost 10% of Mongolia's GDP in 2004, and consequently subject to an evolving legal environment. While Centerra had negotiated legally-binding investment agreements for both projects to provide a regulatory framework and certainty in financial obligations, conflicts did continue to arise to which the company had to respond. Kumtor was subject to nationalization debates and the agreement was reviewed after both the
38:
548:. The mine has produced approximately 500,000 ounces of gold per year, except for 2012 due to a pit wall collapse (from excessive amounts of ice following winter storms) which closed operations for half the year. In addition to the numerous accidents that occurred prior to Centerra, the mine has been the subject to numerous controversies, including health and safety concerns, impacts on the natural environment from
440:. Centerra has an interest in the project since 2009 and acquired full ownership in 2012 as an exploration property. Following favourable economic and technical feasibility studies began construction in 2018 with production commencing in 2020 with an expected 8 year mine life. It is operated by the subsidiary company Öksüt Madencilik through Centerra Luxembourg Holdings SARL.
262:(IPO) sold 27.3% of the company, raising $ 253 million at $ 15.50 per share, leaving Cameco and Kyrgyzaltyn owning 52.7% and 15.7%. Concurrent with the IPO, Centerra acquired 100% ownership of the Boroo gold mine in Mongolia through its acquisition of Australian company AGR Limited. The company's stock prices peak at $ 46 in 2006 before they were
304:, a deeply-indebted American molybdenum mining company that was listed on the Toronto Stock Exchange (and previously on the New York Stock Exchange prior to the collapse of its share price). The deal was opposed by the Kyrgyz directors of Centerra but avoided a shareholder vote (at the time Kyrgyzaltyn owned 32% of Centerra); the
289:. Both mines were also subject to work stoppages and interruptions, including wall failures at the Kumtor mine in 2006 and 2012, strikes and blockades and a failed mining inspection at Boroo. Boroo reached its end of mine life in September 2012 though milling of excavated material continued for another two years before entering
569:
of
Mongolia, was owned and operated by Centerra Gold between the company's 2004 acquisition of AGR Limited and the 2015 sale of its Mongolian assets to OZD ASIA PTE Ltd. Prior to 2004 Centerra, through parent company Cameco, held partial interest in the Boroo project and jointly conducted exploration
308:
1.1 billion deal involved immediately paying the debt that was coming due that year, inheriting the remainder of the debt and giving
Thompson Creek shareholders an 8% interest in Centerra (which diluted Kyrgyzaltyn interest to 27%). Through the Thompson Creek Metals subsidiary, Centerra now owned and
392:
and other officials came under investigation of financial crimes related to Kumtor and
Centerra sued its former board member Tengiz Bolturuk alleging that he assisted the expropriation. In April 2022, Centerra Gold and the Kyrgyz government reached an agreement that had Centerra completely exiting
570:
and development work with AGR. The mine had reached commercial production in
February 2004 and produced approximately 50,000 to 90,000 ounces of gold dore per year until extraction activities ended in 2014, though processing of remaining material continued into 2015.
455:. Thompson Creek Metals had brought it into commercial production in 2014, with Centerra Gold gaining control effective October 2016 with their acquisition of Thompson Creek Metals. It is an open-pit mine where the ore is only processed be
527:
in the Kyrgyz
Republic, opened in 1997 with ownership transferred to Centerra in 2002. At over 4,000 metres (13,000 ft) above sea level, it is a high-altitude mine, among the Lysyi and Davidov glaciers in the
459:
which is shipped overseas, via
Vancouver. The mine produces approximately the equivalent (contained in the concentrate) of 180,000 ounces of gold each year and 60 million pounds of copper.
325:
was proving to be economical and technically feasible. The company had acquired complete ownership in 2012 and made the investment decision to construct the mine in 2018. In 2015, former
269:
In addition to its principal asset, the Kumtor mine, owned and operated through its Kyrgyz subsidiaries Kumtor Gold
Company and Kumtor Operating Company, Centerra also owned and operated
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is a
Canadian mining company that owns and operates the Mount Milligan copper-gold mine in British Columbia, Canada, and the Öksüt gold mine in Turkey. Through its
903:
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mines in
British Columbia and Idaho, respectively, though they have been inactive since Centerra's acquisition. The company formerly owned and operated the
1012:
501:
in 2014-15 due to low molybdenum commodity prices making the mines uneconomical, had supplied
Thompson Creek Metals' Langeloth Metallurgical Facility in
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3 billion for violations of environmental laws. Centerra had the Kumtor Gold Company subsidiaries declared bankruptcy and filed for arbitration with the
552:
glacial material and disposal of waste, and political debate due to its prominence in the Kyrgyz Republic. Centerra exited Kyrgyzstan in 2022 after the
1066:
380:
for 3 months for the purposes of rectifying alleged dangers to people and the natural environment. At the same time, a Kyrgyz court fined the company
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revolutions, while Mongolia adopted new mining tax and environmental protection laws that threatened the viability of Boroo and Centerra's developing
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As of 2020, Centerra Gold operates two gold mines: the Öksüt gold mine in Turkey and the Mount Milligan gold/copper mine in Canada. Through its
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Freeman, Sunny (January 30, 2017). "Thompson Creek Deal Was 'Tricky'; Lots Of Moving Parts In Centerra Bid Came Off As 'Win-Win-Win'".
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1034:"Surficial geology and geomorphology of the Kumtor Gold Mine, Kyrgyzstan: human impacts on mountain glacier landsystems"
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505:. However since Centerra Gold tood ownership it has only processed molybdenum concentrate from third parties.
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With its 2016 acquisition of Thompson Creek Metals, Centerra also gained ownership and control over the dormant
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from Kyrgyzstan, with the Government of Kyrgyzstan taking full ownership of the company's Kyrgyz subsidiaries.
520:
37:
1084:
Fumagalli, Matteo (August 2015). "The Kumtor Gold Mine and the Rise of Resource Nationalism in Kyrgyzstan".
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facility which had been closed since 2011 but was undergoing feasibility studies to access a new deposit.
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Centerra Luxembourg Holdings, Centerra Exploration B.V. (Netherlands), Öksüt Madencilik Sanayi (Turkey),
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1013:"Questions raised about Centerra Gold's safety practices after another death at Kumtor mine"
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Koven, Peter (June 23, 2012). "Kyrgyz report casts giant cloud over Centerra; Kumtor Mine".
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to switch from a parliamentary system of government to a presidential system, and then the
337:-listed, AuRico Metals for $ 310 million in cash in 2018, giving Centerra ownership of two
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are produced from ore that is ground, dissolved into a pyrite flotation, sent through a
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448:
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223:
48:
713:
Down, Susan (August 15, 2010). "Canadians leading the way in Mongolia's development".
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in Mongolia through its AGR Limited subsidiary. Both countries were relatively new to
1164:
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983:
964:
549:
429:
369:
56:
728:
Lyons, Murray (July 20, 2006). "Gold mine wall collapse will hurt Cameco revenues".
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318:
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and operates the Langeloth metallurgical plant in the United States, and owns the
17:
297:), in 2018, to Singaporean investment company OZD ASIA PTE Ltd for $ 35 million.
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376:, led to a law being adopted that allowed Kyrgyzstan to temporarily operate the
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CEO Scott Perry was appointed CEO of Centerra Gold, which acquired AuRico Gold
1093:
927:"New Kyrgyz law allows for control of Kumtor, mine faces civil and tax claims"
698:
Stueck, Wendy (May 27, 2006). "Mongolian President fails to veto mining tax".
470:
349:
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in 2015. Centerra sold all its Mongolian holdings (the Boroo facility and the
211:
203:
159:
144:
529:
623:
Hoffman, Andy (April 19, 2007). "Centerra caught in Kyrgyzstan dispute".
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York, Geoffrey (August 5, 2005). "Ushering in Mongolia's golden years".
321:. Meanwhile, of Centerra's exploration properties, the Öksüt project in
219:
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103:
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942:"Kyrgyzstan moves to nationalise gold mine run by Canadian company"
497:. Both the Endako and Thompson Creek mines, before they entered
489:
which has a 25% interest. The Thompson Creek mine, located near
136:
980:"Centerra Gold hands Kumtor mine to Kyrgyzstan, ending dispute"
858:
McGugan, Ian (July 6, 2016). "Centerra in $ 1.1-billion deal".
485:, and is operated as a joint venture with the Japanese company
305:
202:
subsidiary company, it also owns the Endako and Thompson Creek
300:
In 2016, seeking to lower its risk profile, Centerra acquired
182:
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961:"Centerra sues ex director over Kumtor mine expropriation"
428:. It is an open pit mine with ore that is processed using
266:
with each shareholder receiving an additional two shares.
668:"Kyrgyzstan, Centerra deal eases nationalization fears".
447:
is located in northern British Columbia, Canada, between
904:"Centerra Gold signs friendly deal to buy Aurico Metals"
481:
is located in northern British Columbia, Canada, near
258:
exchanged for a 4% interest in the new company. Their
653:"Centerra's Kyrgyzstan mine part of criminal probe".
386:
United Nations Commission on International Trade Law
815:"Centerra's mining licence in Mongolia suspended".
587:"Cameco completes spin-off of gold mining assets".
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317:in Idaho and the Langeloth metallurgical plant in
309:operated the Mount Milligan gold-copper mine and
940:Pikulicka-Wilczewska, Agnieszka (July 9, 2021).
256:European Bank for Reconstruction and Development
1176:Companies listed on the New York Stock Exchange
831:"Centerra unloads Boroo mine, Gatsuurt project"
1181:Companies listed on the Toronto Stock Exchange
1129:"Centerra sells Mongolia business for US$ 35M"
1067:"Environmental cost of Kyrgyzstan's gold mine"
845:"Centerra's exit raises questions, suspicions"
888:"Centerra hires former AuRico CEO as chief".
847:. Mongolian Mining Journal. November 5, 2018.
8:
833:. Canadian Mining Journal. October 15, 2018.
30:
29:
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1032:Evans, David; Ewertowski, Marek (2016).
1065:Varshalomidze, Tamila (June 27, 2014).
766:"Mongolians Protest Centerra Gold Mine"
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1191:Canadian companies established in 2002
1109:"Kyrgyzstan's Controversial Gold Mine"
785:"Strike hits Centerra's Kyrgyz mine".
1107:Satke, Ryskeldi (February 19, 2015).
998:"First gold pour at Centerra's Oksut"
800:"Blockade hits Centerra production".
313:in British Columbia, Canada, and the
7:
749:"Centerra slashes Kyrgyz forecast".
1131:. Mining Journal. October 13, 2018.
1000:. Mining Journal. February 3, 2020.
978:Jamasmie, Cecilia (April 4, 2022).
405:subsidiary, Centerra also owns the
1011:McGee, Niall (February 18, 2020).
959:Jamasmie, Cecilia (May 21, 2021).
906:. Financial Post. November 7, 2017
25:
252:International Finance Corporation
242:Centerra Gold is the result of a
764:Satke, Ryskeldi (May 22, 2015).
532:mountains. It is a conventional
475:Langeloth Metallurgical Facility
164:Centerra Gold Services (Canada),
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1186:Gold mining companies of Canada
892:. October 14, 2005. p. B5.
804:. December 6, 2011. p. B9.
789:. October 2, 2010. p. FP4.
445:Mount Milligan copper-gold mine
124:Leonard Homeniuk (CEO, 2002-08)
1196:2002 establishments in Ontario
1151:Website of Kumtor Gold Company
591:. July 28, 2004. p. FP10.
495:Salmon–Challis National Forest
407:Thompson Creek molybdenum mine
315:Thompson Creek molybdenum mine
218:in Mongolia. Headquartered in
1:
1051:10.1080/17445647.2015.1071720
925:Webb, Mariaan (May 7, 2021).
753:. March 28, 2012. p. B9.
672:. April 25, 2009. p. B8.
657:. July 21, 2005. p. B14.
167:Thompson Creek Metals Company
1086:Central Asia Economic Papers
819:. June 13, 2009. p. B7.
128:Scott Perry (CEO, 2015-2022)
1156:Website of Öksüt Madencilik
612:. May 10, 2006. p. C1.
536:with an on-site mill where
126:Stephen Lang (CEO, 2008-12)
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1171:Companies based in Toronto
356:elections and the ensuing
226:with shares traded on the
1094:10.13140/RG.2.1.4161.4560
348:Political instability in
275:foreign direct investment
35:
1146:Website of Centerra Gold
946:Al Jazeera Media Network
602:"Centerra Plans Split".
554:Government of Kyrgyzstan
544:system and collected by
493:, and partly within the
388:. Former Prime Minister
736:Saskatoon, Saskatchewan
610:Saskatoon, Saskatchewan
556:nationalized the mine.
503:Langeloth, Pennsylvania
260:initial public offering
232:New York Stock Exchange
27:Canadian mining company
411:Endako molybdenum mine
311:Endako molybdenum mine
228:Toronto Stock Exchange
173:AuRico Metals (Canada)
154:US$ 1.3 billion (2019)
403:Thompson Creek Metals
302:Thompson Creek Metals
222:, Centerra Gold is a
200:Thompson Creek Metals
499:care and maintenance
291:care and maintenance
339:net smelter returns
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1018:The Globe and Mail
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802:The Globe and Mail
751:The Globe and Mail
700:The Globe and Mail
670:The Globe and Mail
655:The Globe and Mail
640:The Globe and Mail
625:The Globe and Mail
521:Jeti-Ögüz District
487:Sojitz Corporation
420:is located in the
248:Cameco Corporation
244:corporate spin-off
196:Centerra Gold Inc.
31:Centerra Gold Inc.
18:Centerra Gold Inc.
519:, located in the
287:Gatsuurt property
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160:Subsidiaries
99:Headquarters
45:Company type
565:located in
483:Fraser Lake
479:Endako mine
436:to produce
413:in Canada.
343:Kemess Mine
327:AuRico Gold
1165:Categories
574:References
550:excavating
471:molybdenum
397:Operations
362:referendum
350:Kyrgyzstan
204:molybdenum
145:molybdenum
120:Key people
538:doré bars
530:Tian Shan
453:Mackenzie
438:doré bars
374:president
169:(Canada),
57:Traded as
366:election
358:protests
341:and the
331:spin off
254:and the
214:and the
133:Products
81:Industry
910:May 27,
523:of the
238:History
220:Toronto
210:in the
178:Website
151:Revenue
108:Ontario
104:Toronto
91:Founded
73::
65::
1088:(16).
477:. The
464:Endako
426:Turkey
333:, and
323:Turkey
141:copper
113:Canada
85:Mining
49:Public
264:split
912:2020
559:The
513:The
466:and
451:and
443:The
432:and
416:The
382:US$
306:US$
283:2010
281:and
279:2005
246:the
230:and
187:.com
137:Gold
75:CGAU
71:NYSE
1090:doi
1046:doi
424:of
372:as
335:TSX
183:www
63:TSX
1167::
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1069:.
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1040:.
1036:.
1015:.
982:.
963:.
944:.
768:.
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608:.
360:,
234:.
143:,
139:,
111:,
106:,
67:CG
1117:.
1096:.
1092::
1073:.
1054:.
1048::
1021:.
986:.
967:.
948:.
914:.
774:.
20:)
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