Centerra Says Mongolia Planning to Revoke Four of its Gold Mining Permits

Centerra Gold Inc., a Canadian producer of the metal, may lose four gold mining licenses in Mongolia as the nation’s government plans to revoke permits on environmental concerns.

The permits are “not material to the company” and its principle Gatsuurt field is not on the list of the 254 alluvial gold mining licenses Mongolia will cull, Toronto-based Centerra said late yesterday in a Marketwire statement. The stock closed down 7.3 percent. It has gained 49 percent in Toronto trading since the beginning of the year.

Mongolia has decided to suspend the activities of 1,782 license holders in wooded and river basin areas in line with a 2009 Water and Forest Law, the nation’s news portal reported late yesterday, citing Mineral Resources Minister Dashdorj Zorigt. Gold, tin, and iron ore license holders may be affected and their names will be announced in the media, it said.

Mongolia, which has about 4,000 mining license holders, will assess compensation claims based on taxes, expenses incurred, environmental costs and income from the mining operations, the news portal reported. The largest mines are in Bayangol, near the Tumurt, and in Narantolgoi, near Gatsuurt in Selenge Aimag, said.

Centerra said it continues to talk with the Mongolian government to resolve uncertainty over the implementation of the Water and Forest Law and to get the approval for the commissioning of its Gatsuurt hardrock project. Its main Boroo mine permits are not subject to the law, Centerra said.

Centerra was spun off from Cameco Corp., the world’s second-biggest uranium producer, in June 2004.

To contact the reporter on this story: Yuriy Humber in Moscow at

To contact the editor responsible for this story: Andrew Hobbs at


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