Headquartered in Toronto, Canada, Centerra Gold Inc. (CGAU) is a gold mining company focused on operating, developing, exploring, and acquiring gold properties in North America, Turkey, and other markets worldwide. The company explores gold, copper, and molybdenum deposits. It operates two mines: the Mount Milligan Mine in British Columbia, Canada, and the Oksut Mine in Turkey. On Feb. 28, 2022, CGAU announced the completion of its acquisition of Gemfield Resources LLC, which is the owner of the Goldfield District Project, from Waterton Nevada Splitter, LLC.
Gold has had a solid run over the past few months due to surging inflation and the Ukraine-Russia war. The yellow metal’s spot price is up 7.5% year-to-date. The failure to reach any agreement in talks between Ukraine and Russia has boosted gold’s appeal as a safe-haven asset and an inflation hedge. Investors’ interest in gold is evidenced by the VanEck Vectors Gold Miners ETF’s (GDX) 30.4% returns over the past six months. Analysts at Goldman Sachs Group Inc. (GS) expect the prices of gold to rise to $2,500 per ounce by the end of the year. Rising gold prices bode well for gold miners like CGAU.
