Centerra Gold’s Turkish subsidiary Öksüt Madencilik Sanayi ve Ticaret (OMAS) has received approval for its pastureland permit for the Öksüt Project located in central Turkey.
The Turkish firm also received notice from the Kayseri Directorate of Food, Agriculture and Livestock (Directorate) for payment of the necessary ‘grass fee’ of around $4m, and a refundable deposit to start the land delivery process, which converts the pastureland to industrial usage land.
According to the company, the land delivery process is expected to take up to 45 days.
Centerra chief executive officer Scott Perry said: “Receiving our pastureland permit is a testament to the perseverance of OMAS’s staff and their efforts to complete the permitting process for the project.
“Öksüt is expected to be another of the company’s low-cost operating sites, and the completion of the permitting process has now paved the way for the project’s future development.”
Construction of the Öksüt project is subject to board approval, which the company expects to secure next month.
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After securing approval, the company would provide additional information regarding 2018 expenditures and timing.
Centerra is engaged in the operation, exploration, development, and acquisition of gold properties in North America, Asia, and other markets worldwide.
The company’s two assets include the Mount Milligan Mine and the Kumtor Mine, which are located in Canada and the Kyrgyz Republic respectively.