Centerra Gold (CG) has signed a deal to buy privately held Gemfield Resources and its Goldfield District Project in Nevada for $206.5 million U.S.
Under the deal with Waterton Nevada Splitter, Centerra will pay $175 million U.S. in cash at closing plus a $31.5 million U.S. future milestone payment payable in cash or Centerra shares.
The Toronto-based gold miner says the Goldfield District Project is a conventional open-pit, heap leach project in late-stage development. Centerra says it believes that the project also has significant upside potential from its large, underexplored land position.
Centerra currently operates two mines including the Mount Milligan Mine in British Columbia and the Öksut Mine in Turkey.
The company also owns the Kumtor Mine in the Kyrgyz Republic, but contracts out its operation.
