Centerra Gold has completed the sale of its Mongolian business unit, including the Boroo Gold Mine and processing facility and the Gatsuurt Gold Project to OZD for $35m.
Image: Centerra Gold sells Mongolian business unit to OZD. Photo courtesy of rawpixel on Unsplash.
OZD has purchased all of the outstanding shares and debt of Centerra Netherlands, BVBA which is the 100% direct shareholder of the Company’s Mongolian subsidiaries, Boroo Gold and Centerra Gold Mongolia.
Under the purchase agreement, OZD will retain the US$5 million payment received in September 2018 and the additional US$5 million to be received by CGM from Steppe Gold in respect of the previous sale of the ATO Project.
Centerra’s President and Chief Executive Officer Scott Perry stated “the disposition of the Mongolian business unit is another step forward in enhancing the overall quality of Centerra’s portfolio of assets and will allow management to focus on the Company’s development projects in other jurisdictions, including Canada and Turkey”
OZD is a private, Singapore based company that focuses on emerging markets mining and metal assets by acquiring, financing and operating in order to bring value to its shareholders.