Centerra in friendly takeover of AuRico Metals

CENTERRA Gold has bought out fellow gold developer AuRico Metals for C$310 million.

AuRico is developing the Kemess brownfields gold project in British Columbia, and owns a royalty portfolio that includes a 1.5 per cent net smelter return (“NSR”) royalty on the Young-Davidson gold mine in Ontario and a 2 per cent NSR royalty on the Fosterville mine in Australia.

Together with its Kumtor mine in the Kyrgyz Republic and the Mount Milligan mine in British Columbia, Centerra expected to be firmly established as a low-cost gold producer with a geographically diversified footprint.