Centerra Gold: Leading in Central Asia
As the largest gold producer in Central Asia and the former Soviet Union, Centerra Gold (Centerra) prides itself on being a growth-oriented Canada-based company.
Focusing on the acquisition, exploration, development and operation of gold properties in Central Asia, the former Soviet Union and other emerging markets, the company is an established gold producer and is continuing to acquire long-life, and low-cost projects.
While Centerra was listed on the Toronto Stock Exchange in June 2004, the company has a history dating back to 1992 when Cameco Corporation - then exploring for uranium and gold prospects in the Kyrgyzstan Republic - followed up on a 1978 gold discovery at Kumtor that took place when the Kyrgyzstan Republic was still part of the former Soviet Union.
Past economic and political constraints in Central Asia resulted in the Tien Shan Belt in Kyrgyzstan being relatively under explored. However, Centerra today has two operating mines; one in the Kyrgyzstan Republic and one in Mongolia, which produced over 586,000 ounces of gold in 2006 at a total cost of $386 per ounce.
Centerra's Boroo Gold Company was judged Best Foreign Investor in 2003 by the Mongolian Chamber of Commerce and in August 2007, Centerra announced that it had reached binding agreements with the Government of the Kyrgyzstan Republic.
"We have always enjoyed a cooperative and mutually supportive relationship with the Kyrgyzstan Republic," said Len Homeniuk, Centerra Gold President and CEO.
Centerra is now moving forward with full support for its continuing expansion of the Kumtor Mine, the country's largest gold asset and the largest foreign-owned gold mine in the former Soviet Republic.
Kumtor has produced more than 6 million ounces of gold since 1997.
In addition, the Boroo Mine in Mongolia is the country's largest hard rock gold mine and has produced more than 1 million ounces of gold since going into commercial production in 2004.
www.centerragold.com
(China Daily 11/13/2007 page27)
