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

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Centerra Gold : Mount Milligan hosts annual community meeting

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10/11/2017 | 02:15pm CEST

Phil Welton, General Manager of Mount Milligan and Endako Mines gave a presentation to residents and stakeholders on Wed Oct 4, 2017 following a community BBQ at the Fort St. James Community Centre.

Welton spoke about Centerra Gold's acquisition of Thompson Creek Metals (TCM), and moved through slides outlining Mount Milligan's safety, environment and expansion, exploration, employment and community commitments including the status of Endako Mine.

He mentioned one of the challenge areas for Mount Milligan is its water supply; that Mount Milligan is a closed system relying on putely on precipitation and runoff as its only current water source and recent dry conditions with decreased snowpack has dams at suboptimal levels.

Background

Mount Milligan is located approximately 90 miles north of Fort St. James. It is a conventional truck-shovel open-pit copper and gold mine with concentrator and processing plant. Mount Milligan has the second largest gold reserve in Canada. The mine is reported to have an estimated mine life of 22 years. It is the fourth year of full production since October 8, 2013 when the mine was first commissioned.

The construction of the mine started in 2010 and cost roughly $1.5 Billion. It is the first new large mining operation in British Columbia in over 15 years.

Centerra Gold acquisition of TCM

The project was originally owned by US-based Thompson Creek Metals, who typically mine molybdenum but who are diversifying their portfolio through this open pit copper and gold mine.

In October 2016, Centerra, a leading Canadian-based global gold producer acquired Thompson Creek Metals Company Inc., total transaction value of approximately US$1.1 billion.

Centerra agreed to buy Thompson Creek Metals (Mount Milligan and Endako mines) and its nearly US$900 million in debt for $1.1 billion to allow Thompson Creek's creditors to be paid. Centerra shareholders own 92 percent of the two companies, with eight percent owned by Thompson Creek's stockholders.

Welton reported that since October last year the company has been moving through transition and integration. They have added 60+ salaries and hourly staff since the acquisition and operational effectiveness has improved.

TCM was hurt by the slump in molybdenum. In 2015 Thompson Creek began shopping around for a buyer because the clock was ticking with its debt "was rated as junk and $300-million of it was maturing in 3 years, at the end of 2017" reported the Globe and Mail.

Endako mine

TCM used to be a large producer but had to cut production when prices fell, closing the Endako mine in Fraser Lake on Dec. 31, 2014.

Endako mine had been in continuous production for 52 years since 1965. Molybdenum is a type of coal ore which is used in the production of steel, particularly stainless and construction grade steel. Centerra Gold is continuing to hold Endako mine on care and maintenance, currently focusing on dust reduction and continuing land surface reclamation and rehabilitation initiatives such as growing rice plants.

"The combination with Thompson Creek is a highly compelling transformative transaction that diversifies Centerra's operating platform and adds low risk production and cash flow from a very high quality, long-lived asset in Mount Milligan," Centerra CEO Scott Perry said in a statement at the time of the takeover.

© 2017 Caledonia Courier. All rights reserved., source Newspapers

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Financials ($)
Sales 2017 1 169 M
EBIT 2017 321 M
Net income 2017 177 M
Debt 2017 198 M
Yield 2017 0,07%
P/E ratio 2017 9,39
P/E ratio 2018 13,03
EV / Sales 2017 1,97x
EV / Sales 2018 1,81x
Capitalization 2 104 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
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 11
Average target price 8,46 $
Spread / Average Target 17%
EPS Revisions
Managers
NameTitle
Scott Graeme Perry Chief Executive Officer & Director
Frank H. Herbert President
Stephen A. Lang Non-Executive Chairman
Gordon D. Reid Chief Operating Officer & Vice President
Darren J. Millman Chief Financial Officer & Vice President
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