Centerra Gold became a publicly listed company in June 2004, after its Initial Public Offering listing on the Toronto Stock Exchange under the symbol "CG". In 1992 Cameco Corporation, formerly Centerra Gold's largest shareholder, was exploring for uranium and gold prospects in the Kyrgyz Republic, accepted an opportunity to follow up on a 1978 gold discovery at Kumtor that took place when the Kyrgyz Republic was part of the former Soviet Union. A final agreement for project development was concluded with the Kyrgyz Republic in 1994 under which Cameco acquired a one-third interest in the Kumtor Gold Company. Project construction began in late 1994 and commercial production was achieved in the second quarter of 1997. Since inception, the mine has produced between 300,000 and 750,000 ounces of gold annually.
In March 2002, Cameco Gold acquired an initial 52% interest in Australian gold company AGR Limited, which owned 95% of the Boroo gold mine in Mongolia, and as part of the transaction, transferred a 61% interest in the Gatsuurt exploration property, also in Mongolia, to AGR. Following the acquisition of its initial interest in AGR, Cameco Gold increased its interest in AGR to 56% by funding $3 million of additional exploration activities at the Boroo and Gatsuurt properties. The company acquired the remaining interest in AGR during June 2004. The development of the Boroo mine was financed by a $70 million loan from Cameco Gold. The Boroo mine started commercial operations on March 1, 2004 and produced 245,000 ounces of gold in 2004.
Cameco continued to manage these assets through its wholly owned Cameco Gold Inc. On January 5, 2004, Cameco Corporation and the Kyrgyz Republic announced their agreement to transfer all of Kumtor Gold Company to a new jointly owned Canadian company called Centerra Gold Inc., which included 100% of Cameco Gold's assets.
On April 24, 2009 Centerra Gold negotiated a New Terms Agreement between Centerra Gold Inc., the government of the Krygyz Republic and Cameco Corporation, this Agreement was signed in June 2009, and Centerra Gold announced that as part of the closing, it issued from treasury 18,232,615 common shares of Centerra Gold to the government of the Kyrgyz Republic, which brought the total shares issued and outstanding for Centerra Gold to 234,772,566. Cameco also agreed to transfer to the government of the Kyrgyz Republic between 14.1 and 25.3 million common shares of Centerra Gold.
On December 8, 2009, Cameco announced it intended to dispose of all its 113,918,472 common shares of Centerra Gold by selling 88,618,472 common shares of Centerra Gold through a syndicate of underwriters led by CIBC World Markets Inc. and RBC Capital Markets, in an agreement entered in with a syndicate of underwriters as a bought deal. Concurrently with the closing of this offering it would also transfer 25,300,000 common shares of Centerra Gold to Kyrgyzaltyn JSC.
On December 30, 2009, Cameco completed its sale of Centerra Gold's shares in a public offering of 88,618,472 common shares of Centerra Gold at a price of C$10.25 per share, for net proceeds of approximately $872 million. At the same time Cameco transferred 25,300,000 common shares of Centerra Gold to Kyrgyzaltyn JSC pursuant to the Agreement on New Terms of April 24, 2009. Upon completion of closing the public offering and share transfer to Kyrgyzaltyn JSC, Cameco disposed of its entire interest in Centerra Gold.
In January 2013, Centerra Gold became the sole 100% owner of the Öksüt Gold Project in Central Anatolia, Turkey when it acquired its partner’s (Stratex) 30% interest in the property for US$20 million and a 1% NSR (which was subsequently bought back in December 2015).
In March 2015, the Company formed a 50/50 partnership with Premier Gold Mines for the development of the Greenstone Gold Property, including the Hardrock Gold Project one of Canada’s largest undeveloped open pit gold mines, located in Ontario, Canada.
On October 20, 2016, Centerra Gold acquired Thompson Creek Metals Company for US$1.03 billion. With this acquisition the Company favourably repositioned its geographic profile by adding a world class, long life, low cost producing mine located in Canada, the Mount Milligan gold copper mine in British Columbia. Also included in the acquisition were the Endako and Thompson Creek primary molybdenum mines in British Columbia and Idaho, respectively, and the Langeloth Metallurgical Facility in Pennsylvania, USA.
In January of 2018, Centerra Gold completed the acquisition of AuRico Metals Inc. for approximately US$247 million (C$310 million). With this acquisition the Company acquired the Kemess property in British Columbia, Canada; a low-cost brownfield development asset that is host to the feasibility-stage Kemess Underground deposit and preliminary economic assessment level Kemess East projects. Also acquired was a high-quality, free-cash flow generating royalty portfolio which includes a 1.5% net smelter return (“NSR”) royalty on the Young-Davidson gold mine in Ontario and a 2.0% NSR royalty on the Fosterville mine in Australia.
In June 2018, Centerra Gold sold the gold royalty portfolio for US$155 million and a silver stream on the Kemess Project for US$45 million to Triple Flag Mining Finance Ltd.
On October 12, 2018 Centerra Gold sold its Mongolian business unit (including the Boroo project and related infrastructure as well as the Gatsuurt development property) to OZD ASIA PTE Ltd., a private Singapore based company.
On January 31, 2020, Centerra’s third operating mine, the Öksüt Gold mine in Central Anatolia, Turkey made its first gold pour, and achieved commercial production as of May 31, 2020.
In December 2020, Centerra announced the sale of its 50% interest in the Greenstone Gold Mines Partnership. The sale closed on January 19, 2021.
In April 2021, Centerra listed on the New York Stock Exchange under the symbol “CGAU” and began trading on April 15, 2021.
As a result of the Kyrgyz Government actions in May 2021, Centerra is no longer in control of the Kumtor mine. Centerra has initiated international arbitration proceedings. Kumtor’s previously issued 2021 guidance and three-year outlook has been suspended by Centerra and removed from its updated guidance and outlook.