Centerra shares up on approval for resumption of operations at Boroo mine

Written By empapat on Rabu, 19 September 2012 | 13.34

TORONTO - Shares of Centerra Gold Inc. (TSX:CG) gained more than 15 per cent Wednesday after the company said its Boroo mine in Mongolia has received the needed regulatory approvals to resume heap leach operations.

The company said it expects to resume operations following re-commissioning and estimated it will add production of approximately 2,000 ounces of gold per month starting in December.

Centerra also said that the Mineral Reserve Authority of Mongolia has issued a mining license at its Altan Tsagaan Ovoo project in the eastern region of the country.

The company has faced challenges this year as lawmakers in Kyrgyzstan have debated whether to strip the company of its licence for its Kumtor open-pit mine and accused the company of damaging the environment.

Centerra has said the Kumtor project, which has been operating since 1997, is in full compliance with Kyrgyz laws and meets or exceeds Kyrgyz and international environmental, safety and health standards.

Shares in the company were up $1.62 or 16 per cent to trade for $11.86 on the Toronto Stock Exchange.

© The Canadian Press, 2012

20 Sep, 2012


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Source: http://www.globalnews.ca/Money/centerra+shares+up+on+approval+for+resumption+of+operations+at+boroo+mine/6442718415/story.html
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