Centerra Gold kicks off commercial mining in Turkey

Construction at Öksüt, located in the Kayseri province of south-central Turkey, 295 km to the southeast of the capital city of Ankara. (Image courtesy of Centerra Gold.)

Centerra Gold (TSX: CG) (NYSE: CGAU) says its Öksüt mine located in central Türkiye is continuing to operate normally after two powerful earthquakes occurred approximately 180 km (112 miles) from the mine site Monday morning.

“There were no injuries to our employees or contractors at the mine, or at the company’s other offices within Türkiye, and initial inspections have not detected any damage to the infrastructure at the Öksüt mine,” Centerra confirmed in a news release Monday.

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“Centerra offers its condolences to the people of Türkiye and all those that have lost loved ones in this natural disaster,” interim CEO Paul Wright said in the statement.

“The company has mobilized an emergency response team from the Öksüt mine to assist Turkish state emergency preparedness authorities and regional disaster response organizations, and will continue to provide support where possible,” he said.

Located in the Kayseri province of south-central Türkiye, the Öksüt mine is Centerra’s third operating mine, pouring its first gold in January 2020 and achieving commercial production five months later.

According to the Öksüt feasibility study, about 28.2 million tonnes of ore grading 1.3 g/t gold, containing a total of 1.2 million ounces, are expected to be mined and stacked over an eight-year mine life.

Shares of Centerra were up 1.3% by 12:15 p.m. ET Tuesday, giving the Canadian-based gold miner a market capitalization of C$1.92 billion ($1.43 billion).

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