Centerra Gold Extends Mount Milligan to 2035 with 10% Throughput Boost, Kemess PEA Values US$1.1B
Centerra Gold's Mount Milligan Mine secured amended permits to extend operations through 2035 with a 10% plant throughput expansion starting in 2028, underpinning job retention for over 1,000 workers. The Kemess project PEA reports a US$1.1 billion after-tax NPV (5%) and 16% IRR based on US$3,000/oz gold and US$4.50/lb copper.
1. Centerra Secures Permit Amendments to Extend Mount Milligan Operations Through 2035
Centerra Gold has obtained amended environmental assessment approvals and all related permits for its Mount Milligan Mine in central British Columbia, enabling continuous production through 2035. The amendments authorize a 10% expansion in plant throughput beginning in 2028 and increased stockpile capacity to enhance feed flexibility. These approvals were fast-tracked under a provincial initiative launched in January 2025 to accelerate priority mining projects. With the new permits in hand, engineering and detailed studies are underway to support an additional mine life extension to 2045, as outlined in the September 11, 2025 Pre-Feasibility Study. Management projects that Mount Milligan will continue to sustain over 1,000 jobs and generate significant economic benefits for local First Nations and surrounding communities, solidifying its role as a cornerstone asset in Centerra’s growth strategy in British Columbia.
2. Kemess Preliminary Economic Assessment Demonstrates Robust Long-Term Growth Potential
In its updated Preliminary Economic Assessment (PEA) for the Kemess project, Centerra reports indicated mineral resources of 3.3 million ounces of gold and 1.1 billion pounds of copper, plus inferred resources of 3.6 million ounces of gold and 1.2 billion pounds of copper. The study outlines a 15-year mine life based on an integrated open-pit and underground mining plan that leverages existing infrastructure, with open-pit production commencing first and underground operations ramping up two years later. Initial capital requirements total approximately $771 million for open-pit development, plant refurbishment and conveyor installation; a further $277 million is allocated for underground development and a leach circuit expansion to boost gold recovery by about 14%. The after-tax net present value at a 5% discount rate is estimated at $1.1 billion, with an internal rate of return of 16%. At current commodity prices, project NPV more than doubles and IRR approaches 30%, underscoring Kemess’s strong leverage to rising gold and copper markets and its potential to become Centerra’s second long-life asset in British Columbia.