jeudi 17 mai 2018

Centerra gets $200 million for its royalty portfolio and Kemess silver stream

Canada's Centerra Gold (TSX:CG), through its subsidiary AuRico Metals, is selling its Royalty Portfolio and a silver stream on its Kemess project to Triple Flag Mining Finance Bermuda in a deal valued at $200 million.

The deal, said the company’s President and chief executive, Scott Perry, is meant to generate cash to continue developing key projects, as well as growing the miner’s pipeline, through the sale of non-core assets. He said the move would also allow Centerra strengthen its balance sheet.

The Toronto-based miner said the deal implied selling AuRico Metals’ royalty portfolio, including net smelter returns royalties on Kliyul, Chuchi and Redton exploration properties, an upfront cash payment of $155 million.

In the case of its Kemess property, located in Northern Interior of British Columbia, Canada, Centerra is selling 100% of the project’s silver production for $45 million, which will be payable in four tranches.

In the last two year, the company has made an effort to grow its portfolio in safe jurisdictions. In 2016, it bought out US-based Thompson Creek Metals (TSX:TCM) including the Mount Milligan copper-gold mine in British Columbia, Canada. And in November, Centerra announced the acquisition of smaller rival AuRico Metals.

More to come…

 

The post Centerra gets $200 million for its royalty portfolio and Kemess silver stream appeared first on MINING.com.



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