Centerra shares fell to their lowest value in over two years as the miner nearly halved its annual gold production guidance. Read more
The Toronto-based company now aims to produce 245,000 to 256,00 ounces of gold compared to its previous guidance range of 400,000 to 450,000 ounces after revealing that it doesn’t expect further gold production this year from its Oksut mine in Turkey.
“We have met with the ministry of environment yesterday and in terms of the solution … they have recommended that we file a new EIA,” the company’s CEO, Scott Perry, said during a conference call with investors on Wednesday. The company is upgrading its facilities to prevent recurrence, a process that is expected to be completed by the end of this year.
Following these discussions with the ministry, Centerra was asked to submit a new EIA altogether. “I am hopeful that it will be an expedited process, but I can’t really any more clarity or visibility,” said Perry when asked when the EIA is likely to be approved.
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