Centerra cuts ties with CEO after operational stumbles and seizure of biggest mine – by Niall McGee (Globe and Mail – September 6, 2022)

Canadian gold miner Centerra Gold Inc. is replacing its chief executive officer, Scott Perry, after the company was forced to sell its biggest gold mine at a large discount to the government of Kyrgyzstan and suspend production at another mine in Turkey.

The Toronto-based gold miner announced Tuesday that Mr. Perry had stepped down and that Paul Wright, a director with Centerra, will assume the CEO position on an interim basis, while the company looks for a permanent replacement.

Centerra gave no reason for the departure of Mr. Perry, who had been in the job since 2015, but the past two years have been turbulent for the company.

In April, Centerra announced it was selling its Kumtor mine for $972-million, a fraction of what it was once worth, to Kyrgyzstan. The former Soviet Republic nationalized the mine in 2021 after alleging Centerra committed environmental infractions and tax fraud. Centerra denied the allegations and later accused a former company director of conspiring to steal the mine.

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