Canada-based Centerra Gold has sold its Mongolian business unit to private equity firm OZD Asia for $35-million, in a move that CEO Scott Perry describes as a portfolio enhancement.
The company’s Mongolia assets include the Boroo mine and processing plant, as well as the Gatsuurt project.
Announcing the sale on Friday, Perry said that the disposition of the Mongolian unit would allow management to focus on the company’s development projects in other jurisdictions, including Canada and Turkey.
In Canada, Centerra owns the Mt Milligan mine, in British Columbia, and in Turkey, it is building the Öksüt mine.
Centerra’s other asset is the Kumtor mine, in the Kyrgyz Republic, in which London-listed Chaarat has expressed an interest.