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CENTERRA GOLD INC.

(CG)
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Delayed Toronto Stock Exchange  -  04:26 2022-08-05 pm EDT
7.990 CAD   -0.62%
08/04CENTERRA GOLD : 2021 ESG Report (7MB)
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08/04CENTERRA GOLD : Publishes 2021 Environmental, Social and Governance Report - Form 6-K
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08/04CENTERRA BRIEF : Publishing Its 2021 ESG Report
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Centerra Gold : Wave of attacks on foreign owned gold mines amid Kyrgyzstan's political upheaval

10/07/2020 | 04:16am EDT

Kyrgyzstan has seen a wave of attacks on foreign-owned gold mines across the country amid the nationwide political unrest-turned-coup that is ongoing in response to the weekend's disputed parliamentary election results, according to both local reports and foreign media. 

Much of the political violence directed at the gold mines was intertwined with longrunning anger among Kyrgyz citizens who perceive foreign-owned entities as unduly benefitting from Kyrgyzstan’s natural resources at the expense of the population. The country is home to flagship open pit gold mine Kumtor, operated by Canada’s Centerra Gold, which is the single largest contributor to the Central Asian nation’s GDP, of which it generates around one-tenth. 

Kyrgyzstan is also developing the Jeruy project, expected to enter production this year with the goal of eventually reaching 5.5 tonnes of annual output. Jeruy’s gold reserves are estimated at 88 tonnes and ore mining has already started at the deposit. The Russia-owned Alliance Altyn, the operator of Jeruy project, set to be the country’s second largest gold producer, had to suspend mine development works on October 6 after intruders smashed and torched facilities at the site, the company said.

Extraction plant set alight

“Work has been suspended due to the unauthorised entry of unknown people onto the mine’s territory. More than 50 people arrived in cars. We were forced to suspend work for safety reasons,” a spokeswoman for Alliance Altyn was quoted by Reuters as saying. She noted that the intruders set fire to the gold extraction plant and smashed up offices in administrative buildings. Alliance Altyn is controlled by Russian mining company Vostok-Geoldobycha.

The Kumtor mine remained untouched as of October 6. It is located in a remote mountainous spot 430 kilometres away from the Kyrgyz capital Bishkek, the epicentre of the unrest and attempted coup that is playing out. Centerra Gold confirmed that operations at Kumtor continued uninterrupted amid the political upheaval. The company said it was monitoring political developments to ensure conditions remained safe for transporting people and supplies to the mine. 

Mines that have been affected by the countrywide unrest included the Bozymchak copper and gold mine, which saw its production suspended on October 6 by the mine’s operator, London-listed Kazakh miner Kaz Minerals

Locals seize Full Gold’s mine

The Ishtamberdi mine operated by China’s Full Gold Mining has been seized by 300-400 local residents, according to Kyrgyz media reports. Unverified sources claimed that the Chinese workers and staff were chased away from the mine’s territory, according to the reports. 

At the Jamgyr gold deposit, operated by Global Jamgyr Mining and funded by Kazakh investors, locals reportedly took some of the workers and staff hostage.

Another Chinese-owned gold project, Kichi-Chaarat, tightened security at its mine, anticipating riots by the locals.

©2020 bne IntelliNews , source Magazine

All news about CENTERRA GOLD INC.
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Financials (USD)
Sales 2022 1 052 M - -
Net income 2022 196 M - -
Net cash 2022 937 M - -
P/E ratio 2022 8,46x
Yield 2022 3,47%
Capitalization 1 358 M 1 358 M -
EV / Sales 2022 0,40x
EV / Sales 2023 0,21x
Nbr of Employees 3 650
Free-Float 64,6%
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Number of Analysts 9
Last Close Price 6,17 $
Average target price 9,53 $
Spread / Average Target 54,5%
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Managers and Directors
Scott Perry President, Chief Executive Officer & Director
Darren J. Millman Chief Financial Officer & Vice President
Michael S. Parrett Chairman
Bruce V. Walter Vice Chairman
Sheryl K. Pressler Independent Director
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