Canadian gold miner Centerra looks for acquisition

Wed Jul 29, 2015 3:16pm EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

By Nicole Mordant

VANCOUVER (Reuters) - Mid-sized Canadian miner Centerra Gold Inc CG.TO is scouting for an acquisition, with Ontario and Turkey where it already owns projects likely locations for a purchase, its chief executive said on Wednesday.

The purchase could be at a "similar stage to Hardrock, an advanced exploration project, or pre-development or something that was at the development stage," CEO Ian Atkinson said in an interview.

Centerra in March formed a joint venture with Premier Gold Mines PG.TO to develop the Greenstone Gold property in Ontario, which includes the Hardrock project.

It was easier to acquire projects in areas where the company already has a base, Atkinson said after Centerra reported second quarter earnings. Earnings beat market expectations on higher-than-expected output at its Kumtor mine in Kyrgyzstan.

"We do want to diversify our production base," he said.

In the second quarter, 98 percent of Centerra's gold output came from its Kumtor mine.

(Editing by Cynthia Osterman)