Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  Centerra Gold Inc.    CG   CA1520061021

CENTERRA GOLD INC. (CG)
Mes dernières consult.
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets

Centerra Gold : Canada's Centerra settles mine dispute with Kyrgyzstan, shares up

share with twitter share with LinkedIn share with facebook
share via e-mail
0
09/11/2017 | 05:01pm CEST
To match Interview GOLD-KYRGYZSTAN/CENTERRA

(Reuters) - Canadian miner Centerra Gold Inc said on Monday it has reached an agreement with Kyrgyzstan to settle all outstanding disputes with the Central Asian country over its Kumtor gold mine, the company's and the country's biggest.

All Kyrgyz environmental claims, other proceedings and court orders against Kumtor will be dropped and Centerra will be able to transfer funds out of the country that had been frozen by the government, the company said in a statement.

Centerra's shares rose 3 percent to a four-and-a-half year high of C$9.04 on the Toronto Stock Exchange.

Toronto-based Centerra is the biggest foreign investor and taxpayer in Kyrgyzstan, contributing up to 10 percent of the impoverished nation's gross domestic product. The two sides had been on a collision course as the country tried to extract more profit from the mine.

The Kyrgyz Republic, through its state-owned entity, Kyrgyzaltyn JSC, owns a 26.6 percent stake in Centerra.

"We view this development as positive," Canaccord Genuity analyst Rahul Paul said in a note to clients, adding that the settlement had been somewhat expected after Centerra said last week that talks were at an advanced stage.

Paul said that $299 million of Centerra's cash had been trapped in Kyrgyzstan. Centerra said it was in the process of transferring the cash over and above what it needed for working capital.

"First and foremost, this agreement is a comprehensive resolution to all of the outstanding matters affecting the Kumtor project," Centerra Chief Executive Scott Perry said.

The proposed settlement would affirm 2009 mine agreements, including tax and fiscal rules, the company said.

Under the deal, the Canadian miner will make a one-time payment of $50 million to a new, government-run nature development, alongside annual payments of $2.7 million.

Centerra will also pay $7 million to a cancer care support fund and another $3 million one year after the deal closes.

Following the deal, there will be no restrictions on Kumtor's ability to distribute funds to Centerra and all restrictions of movement on Kumtor's employees will be lifted, Centerra said.

Centerra and the government would also consider other potential investment opportunities in Kyrgyzstan, as well as at the Kumtor mine.

The settlement follows a bitter dispute during which the miner took the nation to international arbitration in 2016 over a disagreement on profit sharing.

Last year, Centerra was fined around $100 million for environmental damage by a court in Kyrgyzstan, while another regulator filed a $230 million lawsuit against the company.

(Reporting by Nicole Mordant in Vancouver and John Benny in Bengaluru; Editing by Sai Sachin Ravikumar and Dan Grebler)

By Nicole Mordant and John Benny

Stocks mentioned in the article
ChangeLast1st jan.
CENTERRA GOLD INC. -0.17% 5.94 Delayed Quote.-7.61%
GOLD -0.34% 1219.17 Delayed Quote.-5.79%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on CENTERRA GOLD INC.
07/18Millrock Provides Update of Exploration Activity
AQ
07/18CENTERRA GOLD : Provides Update on Strategic Agreement with the Kyrgyz Republic
AQ
07/17Today's Research Reports on Atlatsa Resources, Fortune Minerals, Centerra Gol..
AC
07/16CENTERRA GOLD : Provides Update on Strategic Agreement with the Kyrgyz Republic
PU
07/16CENTERRA GOLD : Provides Update on Strategic Agreement with the Kyrgyz Republic
AQ
07/10CENTERRA GOLD : Provides Update on Mount Milligan Water Permitting Matters
AQ
07/06CENTERRA GOLD : Provides Update on Mount Milligan Water Permitting Matters
AQ
07/06Canadian Exchanges Stock Scanner Alacer Gold Centerra Gold Asanko Gold and Me..
AC
07/05CENTERRA GOLD : warns of output cuts if water shortages continue at Mt. Milligan..
AQ
07/05CENTERRA GOLD : Provides Update on Mount Milligan Water Permitting Matters
AQ
More news
News from SeekingAlpha
07/03GOLD MINING BULL : Top News For June 2018 
06/14Asia Frontier Capital Travel Report - Kyrgyzstan 
06/01GOLD MINING BULL : Top News For May 2018 
05/17Centerra Gold sells Royalty Portfolio and Kemess Silver Stream for $200M 
05/16TOP GOLD STOCK UPDATE : Kirkland Lake Cruises Along 
Financials ($)
Sales 2018 1 124 M
EBIT 2018 205 M
Net income 2018 137 M
Debt 2018 107 M
Yield 2018 -
P/E ratio 2018 10,95
P/E ratio 2019 10,04
EV / Sales 2018 1,30x
EV / Sales 2019 1,14x
Capitalization 1 354 M
Chart CENTERRA GOLD INC.
Duration : Period :
Centerra Gold Inc. Technical Analysis Chart | CG | CA1520061021 | 4-Traders
Technical analysis trends CENTERRA GOLD INC.
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 10
Average target price 6,96 $
Spread / Average Target 54%
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
Sector and Competitors
1st jan.Capitalization (M$)
CENTERRA GOLD INC.-7.61%1 354
NEWMONT MINING CORPORATION-1.55%19 707
BARRICK GOLD CORP-7.92%14 812
NEWCREST MINING LIMITED-11.13%11 770
AGNICO EAGLE MINES LTD3.53%10 644
POLYUS PAO--.--%8 825