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“Mr. Wright brings over 40 years of extensive international experience in the mining industry. Mr. Wright retired from Eldorado Gold in April 2017 where he had served as President and CEO since 1999. He has served as a director of Centerra since his election to the Board in May 2020.”
Michael Parrett,
Chair of the Board,
Centerra Gold.
Canadian-headquartered gold mining giant, Centerra Gold Inc. has had its CEO, Scott Perry depart amid production-related issues at one of its mines in Turkey and forced sale of one of its biggest mining operations in Kyrgyzstan. The company has announced that Paul Wright has replaced Perry as President and Chief Executive Officer of Centerra. Perry, who worked at Centerra for more than seven years also resigned as a company director, Centerra said.
The board is on the hunt for a new long-term head. Mr. Wright, a director of Centerra, will act as interim President and CEO to manage the Company through a leadership transition period, as the Board works with an executive
search firm to select Centerra’s long-term Chief Executive Officer.
During its second-quarter earnings release last month, Centerra said it was asked by Turkish authorities to submit a new environmental impact assessment (EIA) for its Oksut mine after mercury was detected in the project’s gold recovery process in March. The company has since indicated that it doesn’t expect further gold production from the mine this year and halved its production guidance.
The company reported an adjusted net loss of US$36.2 million in its second quarter, down from a US$78.3-million profit in the same quarter a year ago. On the 6th of September afternoon, in Toronto, Centerra shares were trading at $5.97, on the lower end of its 52-week trading range of $5.70 and $13.52. The company has a market cap of $1.3 billion.
The company had to hand over its Kumtor Mine in Central Asia in July to the Kyrgyz government after the country’s authorities took over the mine last year citing environmental and safety issues.
Mr. Michael Parrett, the Chair of the Board, said, “On behalf of the Board, I would like to thank Scott for his commitment to the Company over the last 7 years. We appreciate all he has done to serve the Company, including through the challenges of the last two years. We wish him well in his future endeavours.”
He continued, “Centerra’s Board is appreciative that Mr. Wright has agreed to lead the Company on an interim basis. Mr. Wright brings over 40 years of extensive international experience in the mining industry. Mr. Wright retired from Eldorado Gold in April 2017 where he had served as President and CEO since 1999. He has served as a director of Centerra since his election to the Board in May 2020.”
In connection with this leadership transition, the Board has determined to reduce the number of directors from 9 to 8, and the 8 other directors identified in Centerra’s management information circular dated August 19, 2022, will stand for election at the upcoming Annual Meeting of Shareholders.