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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Centerra Gold Inc.    CG   CA1520061021

CENTERRA GOLD INC.

(CG)
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Centerra Gold : Announces Sale of Mongolian Business Unit

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10/12/2018 | 12:15pm EDT

TORONTO, Oct. 12, 2018 (GLOBE NEWSWIRE) -- 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 Centerra
Centerra 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. Pearson
Vice President, Investor Relations
(416) 204-1953
john.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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Source: Centerra Gold Inc.

2018 GlobeNewswire, Inc., source Press Releases

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Financials ($)
Sales 2019 1 237 M
EBIT 2019 213 M
Net income 2019 165 M
Debt 2019 38,3 M
Yield 2019 -
P/E ratio 2019 13,52
P/E ratio 2020 7,52
EV / Sales 2019 1,48x
EV / Sales 2020 1,29x
Capitalization 1 797 M
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 6,76 $
Spread / Average Target 10%
EPS Revisions
Managers
NameTitle
Scott Graeme Perry President, Chief Executive Officer & Director
Stephen A. Lang Non-Executive Chairman
Gordon D. Reid Chief Operating Officer & Vice President
Darren J. Millman Chief Financial Officer & Vice President
Bruce V. Walter Vice Chairman
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