Centerra Gold Acquires Thompson Creek
TORONTO, ON - Centerra Gold Inc. and Thompson Creek Metals Company Inc. reported that they have completed the Plan of Arrangement pursuant to which Centerra acquired all of the issued and outstanding common shares of Thompson Creek. Thompson Creek operates the world class Mount Milligan Mine in British Columbia, Canada, a premier low-cost asset with more than two additional decades of profitable production expected from the current reserve base.
Scott Perry, CEO of Centerra, said, “With the completion of the acquisition of Thompson Creek we have created a geographically diversified gold producer with a high quality producing platform and a strong growth pipeline. The transaction diversifies Centerra’s operating platform and adds low-risk production and cash flow from a very high quality, long-lived asset in Mount Milligan and creates a leading low cost mid-tier gold producer. The acquisition establishes an operating base in Canada – one of the lowest risk mining jurisdictions in the world – which will complement our Canadian-based Greenstone project and provide for further flexibility to expand into the Americas and adds to our existing high-quality growth project pipeline (Oksut in Turkey, Gatsuurt in Mongolia, and Greenstone in Canada). Combining Centerra’s robust balance sheet and the significant positive cash flow generation from our low cost Kumtor mine with the positive cash flow from Thompson Creek’s Mount Milligan mine will ensure Centerra is well positioned for the future.”