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No thanks - Centerra turns down Premier's offer for Hardrock property

Apr 17, 2020

Premier Gold (TSX: PG) announced earlier this month  that Centerra (TSX: CG) has not accepted the company’s offer to acquire Centerra’s 50% interest in the Greenstone Gold Mines Partnership for approximately $205 million.

Greenstone’s primary asset is the Hardrock project located near Geraldton, Ontario. It is considered one of the most significant large-scale, near permitted, mine development opportunities in North America, Premier said in a media release.

“Centerra’s decision not to accept our offer confirms that Centerra recognizes the substantial value of the Hardrock project and is inconsistent with its refusal to make a positive feasibility decision in connection with the project,” said Premier chief executive Ewan Downie.

Hardrock has been a contentious project for both Premier and Centerra, with the latter filing a lawsuit over a project update made in December by Greenstone Gold Mines, which Centerra argued should not be considered a “feasibility study”, and Premier filing a counterclaim earlier this year in response.

Tags: Northern Ontario / Deals & Financial / Gold / All Articles