8 months ago

This interview was recorded Jan 18'25....Paul Tomory, CEO of Centerra Gold, has focused on maximizing the value of their global assets.
Efforts involve technical, operational, and commercial enhancements to highlight the true worth of their portfolio.
Mount Milligan Asset:

Located in British Columbia, it is a flagship copper-gold mine with a life extending to 2035.
Centerra has renegotiated terms with Royal Gold, enabling studies and exploration for extending the mine life by another decade.
Operational improvements, such as cost optimization and process enhancements, are ongoing.
Oxide Mine in Turkey:

Reopened after resolving environmental issues and now generates significant cash flow.
Mine life is expected until 2029, with limited exploration potential nearby.
Centerra is exploring Greenfield opportunities in Turkey and sees it as a strategic operating region.
Thompson Creek and Molybdenum Assets:

Restarting the Thompson Creek mine in Idaho with $400M investment, funded mostly through cash flow.
Includes a strategic review to potentially sell or partner on these non-core molybdenum assets valued at $472M NPV.
Goldfield and Kemess Projects:

Kemess (British Columbia): Focus on developing a large copper-gold deposit with existing infrastructure. A study is expected by the end of 2025.
Goldfield (Nevada): Transitioning to an oxide-only heap leach project, with resource estimates due shortly.
Exploration and Growth:

Greenfield exploration initiatives in Turkey, Nevada, British Columbia, and Ontario.
Actively seeking acquisitions in gold and potentially copper, emphasizing stable jurisdictions.
Balance Sheet Strength:

$600M cash reserves with plans for ongoing dividends, buybacks, exploration, and strategic investments.
Centerra aims to deploy cash into high-value gold assets for growth.
Valuation and Market Position:

Centerra believes it trades at a significant discount to its intrinsic value.
Monetizing or divesting molybdenum assets is viewed as a key strategy to align market valuation.
Mid-Term Milestones:

Key studies and resource updates:
Goldfield resource update (Q1 2025).
Mount Milligan study mid-year.
Kemess study by year-end.
Progress reports on Thompson Creek construction and other operational milestones.
Strategic Outlook:

Strong focus on increasing gold production and improving operational performance.
Commitment to disciplined growth and maintaining a robust financial position.

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