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Jul 5, 2018

Centerra warns of output cuts if water shortages continue at Mt. Milligan mine

Gold

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TORONTO -- Centerra Gold Inc. says it may need to reduce output at its Mount Milligan mine in central British Columbia if it doesn't secure new sources of water.

The company has filed a request with the B.C. Environmental Assessment Office to access more sources, but it says there is no guarantee of approval.

Toronto-based Centerra wants to amend its environmental assessment certificate to tap into more water from groundwater wells, creeks and Philip Lake.

The company says it's consulting with regulatory agencies and Indigenous groups and expects the process to be done by the fourth quarter.

The company shut the mine's mill operations at the end of 2017 for more than two months after an abnormally dry spring and summer left the mine with limited water supplies in its tailings storage.

Following the news, Centerra's share price closed down 69 cents or 9.16 per cent at $6.84 on the Toronto Stock Exchange.