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    CG   CA1520061021

CENTERRA GOLD INC.

(CG)
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Delayed Toronto Stock Exchange  -  05/17 04:00:00 pm EDT
10.19 CAD   -1.36%
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Moody's cuts Kyrgyzstan's rating after gold mine nationalisation

01/25/2022 | 05:06am EDT

ALMATY (Reuters) - Rating agency Moody's cut Kyrgyzstan's credit rating to B3 from B2, saying the authorities' decision to nationalise the Central Asian nation's largest gold mine last year indicated weak governance and investment climate deterioration.

The Bishkek government took over the Kumtor gold mine last May, which had been operated by Canada's Centerra Gold, for allegedly posing danger to human lives or the environment. The company has denied all the allegations and started arbitration against Kyrgyzstan.

Moody's said recent mining sector developments, including the Kumtor takeover, "partly reflect relatively weak institutions and governance and are likely to negatively affect long-term economic growth particularly through the deterrence of foreign investment".

"Lower growth and undermined prospects for economic diversification will in turn negatively affect government revenue," it said in a statement.

Centerra Gold said this month it was in talks with the Kyrgyzstan government for an out-of-court settlement.

(Reporting by Olzhas Auyezov; editing by Jason Neely)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CENTERRA GOLD INC. -1.36% 10.19 Delayed Quote.6.67%
MOODY'S CORPORATION 1.77% 292.86 Delayed Quote.-25.02%
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Financials (USD)
Sales 2022 1 142 M - -
Net income 2022 246 M - -
Net cash 2022 917 M - -
P/E ratio 2022 10,4x
Yield 2022 2,67%
Capitalization 2 360 M 2 360 M -
EV / Sales 2022 1,26x
EV / Sales 2023 1,14x
Nbr of Employees 3 650
Free-Float -
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Mean consensus OUTPERFORM
Number of Analysts 9
Last Close Price 7,94 $
Average target price 10,56 $
Spread / Average Target 33,1%
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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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