Canadian gold miner completes $1.1B buy of Colorado's Thompson Creek Metals

DENVER BUSINESS JOURNAL - Centerra Gold Inc. of Canada on Thursday completed its acquisition of debt-burdened Thompson Creek Metals Co. Inc. of Colorado for about U.S. $1.1 billion in cash and stock.

As part of Toronto-based Centerra’s (TSE: CG) buyout of Littleton-based Thompson Creek, another Colorado mining company — Denver-based Royal Gold Inc. (NYSE: RGLD) — gets a revised “streaming” deal for precious metals produced at Thompson Creek’s Mount Milligan copper and gold mine in Canada's British Columbia.

Thompson Creek also has molybdenum mines in British Columbia and Idaho.

The Colorado company had accumulated nearly $900 million in debt since acquiring the Mount Mulligan mine six years ago and was hurt by sagging gold, copper and molybdenum prices. Its shares — trading over $15 as recently as early 2011 — closed at 49 cents Wednesday.

Read more at the Denver Business Journal: http://bit.ly/2eAPCuh

Copyright 2016 Denver Business Journal


JOIN THE CONVERSATION

To find out more about Facebook commenting please read the
Conversation Guidelines and FAQs

Leave a Comment
More Stories