Centerra Gold to buy Thompson Creek for $1.1 billion, a 32% premium

Section:

By Ian McGugan
The Globe and Mail, Toronto
Tuesday, July 5, 2016

Centerra Gold Inc. of Toronto, a miner looking for ways to lower its risk, has struck a US$1.1-billion deal to purchase Thompson Creek Metals Co. Inc., a Colorado-based miner seeking relief from a mountain of debt.

Centerra owns the Kumtor gold mine in Kyrgyzstan and the Boroo gold mine in Mongolia. The company has been seeking a North American counterweight to those riskier locales and Thompson Creek's Mount Milligan copper and gold mine in British Columbia fits with its desire for safety.

"The acquisition will establish an operating base in Canada, one of the lowest-risk mining jurisdictions in the world," Centerra chief executive officer Scott Perry said in a press release.

Centerra will issue shares for all of Thompson Creek's shares at a ratio that implies a value of 79 cents (Canadian) per Thompson Creek share. That is a 32-percent premium to the stock's closing price on Monday. ...

... For the remainder of the report:

http://www.theglobeandmail.com/report-on-business/industry-news/energy-a...



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