Centerra Gold says it may lose four licenses

Dec 2 • Economy, Mining • 608 Views • No Comments on Centerra Gold says it may lose four licenses

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Centerra Gold may lose four gold mining licenses in Mongolia as the government plans to revoke permits on environmental concerns. The permits are “not material to the company” and its principal Gatsuurt field is not on the list of the 254 alluvial gold mining licenses Mongolia will cull, Toronto-based Centerra has said in a statement.

Centerra said it continues to talk with the government to resolve uncertainty over the implementation of the Water and Forest Law and to get the approval for the commissioning of its Gatsuurt hardrock project. Its main Boroo mine permits are not subject to the law, Centerra said.

Centerra will end mining at its current Mongolian operation, Boroo, at the end of this month and had planned to replace the production with ore from Gatsuurt, which is located about 50 km away. The company has said that it would cut about 250 jobs at Boroo, as the plan had been for those workers to be redeployed at the now-delayed Gatsuurt. The firm will also keep capital spending on the Gatsuurt project “minimal” until the approvals are received, CEO Steve Lang said at the time.

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