Centerra Gold

Centerra Gold Inc., a gold mining company, engages in the acquisition, exploration, development, and operation of gold and copper properties in North America, Turkey, and internationally. The company explores for gold, copper, and molybdenum deposits. Its flagship projects include the 100% owned Mount Milligan gold-copper mine located in British Columbia, Canada; and the Öksüt Gold Mine located in Turkey. The company was incorporated in 2002 and is headquartered in Toronto, Canada.


Centerra Gold is the result of a corporate spin-off the Cameco Corporation's gold mining interests. In 2002 the Canadian uranium mining company Cameco created the Kumtor Mountain Holdings Corporation as a subsidiary which, in December 2003, would be re-named Centerra Gold. As part of a new restructuring and investment agreement the Government of the Kyrgyz Republic, effective June 2004, under which tax and legal rules governing the Kumtor project were finalized, both Cameco and Kyrgyz Republic-owned Kyrgyzaltyn JSC transferred their interests in the Kumtor mine to Centerra, with outstanding debts owed to the International Finance Corporation and the European Bank for Reconstruction and Development exchanged for a 4% interest in the new company. Their initial public offering sold 27.3% of the company, raising $253 million at $15.50 per share, leaving Cameco and Kyrgyzaltyn owning 52.7% and 15.7%. Concurrent with the IPO, Centerra acquired 100% ownership of the Boroo gold mine in Mongolia through its acquisition of Australian company AGR Limited. The company's stock prices peak at $46 in 2006 before they were split with each shareholder receiving an additional two shares.In addition to its principal asset, the Kumtor mine, owned and operated through its Kyrgyz subsidiaries Kumtor Gold Company and Kumtor Operating Company, Centerra also owned and operated Boroo Gold Mine in Mongolia through its AGR Limited subsidiary. Both countries were relatively new to foreign direct investment, with Kumtor making up 4% of the Kyrgyz Republic's gross domestic product in 2007 and Boroo accounting for almost 10% of Mongolia's GDP in 2004, and consequently subject to an evolving legal environment. While Centerra had negotiated legally-binding investment agreements for both projects to provide a regulatory framework and certainty in financial obligations, conflicts did continue to arise to which the company had to respond. Kumtor was subject to nationalization debates and the agreement was reviewed after both the 2005 and 2010 revolutions, while Mongolia adopted new mining tax and environmental protection laws that threatened the viability of Boroo and Centerra's developing Gatsuurt property. Both mines were also subject to work stoppages and interruptions, including wall failures at the Kumtor mine in 2006 and 2012, strikes and blockades and a failed mining inspection at Boroo. Boroo reached its end of mine life in September 2012 though milling of excavated material continued for another two years before entering care and maintenance in 2015. Centerra sold all its Mongolian holdings , in 2018, to Singaporean investment company OZD ASIA PTE Ltd for $35 million.In 2016, seeking to lower its risk profile, Centerra acquired Thompson Creek Metals, a deeply-indebted American molybdenum mining company that was listed on the Toronto Stock Exchange . The deal was opposed by the Kyrgyz directors of Centerra but avoided a shareholder vote ; the US$1.1 billion deal involved immediately paying the debt that was coming due that year, inheriting the remainder of the debt and giving Thompson Creek shareholders an 8% interest in Centerra . Through the Thompson Creek Metals subsidiary, Centerra now owned and operated the Mount Milligan gold-copper mine and Endako molybdenum mine in British Columbia, Canada, and the Thompson Creek molybdenum mine in Idaho and the Langeloth metallurgical plant in Pennsylvania. Meanwhile, of Centerra's exploration properties, the Öksüt project in Turkey was proving to be economical and technically feasible. The company had acquired complete ownership in 2012 and made the investment decision to construct the mine in 2018. In 2015, former AuRico Gold CEO Scott Perry was appointed CEO of Centerra Gold, which acquired AuRico Gold spin off, and TSX-listed, AuRico Metals for $310 million in cash in 2018, giving Centerra ownership of two net smelter returns and the Kemess Mine facility which had been closed since 2011 but was undergoing feasibility studies to access a new deposit.Political instability in Kyrgyzstan following the October 2020 elections and the ensuing protests, referendum to switch from a parliamentary system of government to a presidential system, and then the election of nationalist Sadyr Japarov as president, led to a law being adopted that allowed Kyrgyzstan to temporarily operate the Kumtor Gold Mine for 3 months for the purposes of rectifying alleged dangers to people and the natural environment. At the same time, a Kyrgyz court fined the company US$3 billion for violations of environmental laws. Centerra had the Kumtor Gold Company subsidiaries declared bankruptcy and filed for arbitration with the United Nations Commission on International Trade Law. Former Prime Minister Ömürbek Babanov and other officials came under investigation of financial crimes related to Kumtor and Centerra sued its former board member Tengiz Bolturuk alleging that he assisted the expropriation. In April 2022, Centerra Gold and the Kyrgyz government reached an agreement that had Centerra completely exiting from Kyrgyzstan, with the Government of Kyrgyzstan taking full ownership of the company's Kyrgyz subsidiaries.

Our mission is to provide superior returns to our shareholders by responsibly and safely extracting quality gold while protecting our employees and the environment.

Our vision is to be one of the world’s leading gold mining companies, committed to delivering superior returns to our shareholders, creating a safe and healthy workplace for our employees and surrounding communities, and to be environmentally responsible throughout our operations.

Key Team

Toby Caron (Treasurer & Director of Investor Relations)

Mr. Dennis C. Kwong (VP of Bus. Devel. & Exploration)

Ms. Claudia D'Orazio (VP & Chief HR Officer)

Mr. Paul Chawrun (VP & COO)

Mr. Mark A. Wilson (Pres of Base Metals Division)

Mr. Malcolm Stallman (VP of Exploration)

Ms. Wendy Yu (Assistant Gen. Counsel & Assistant Corp. Sec.)

Recognition and Awards
Centerra Gold has received numerous awards for its commitment to sustainable development and for its responsible mining practices. The Company has twice won the International Get-Together Award from the Belgian Federal Government and the European Council. It has also been recognized with the Caring for the Virtual Community safety award from the Canadian Standards Association and the Responsible Mining Award from the Responsible Mining Initiative.

Centerra Gold
Leadership team

Mr. Yousef Rehman (VP, Gen. Counsel & Corp. Sec.)

Mr. Paul Nicholas Wright B.Sc. (Interim Pres, Interim CEO & Director)

Mr. Darren J. Millman CA, Bbus(Acc), Graddipacg (VP & CFO)

Products/ Services
Mining, Precious Metals
Toronto, Ontario, Canada
Company Registration
SEC CIK number: 0001854640
Net Income
100M - 500M
500M - 1B
Traded as
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