Centerra Gold Secures Permits to Extend Mount Milligan Operations Through 2035

2026-01-21 companies

Toronto, Wednesday, 21 January 2026.
Following an expedited review, Centerra Gold secured permits extending Mount Milligan’s operations through 2035. Notably, the approval includes a ten percent plant throughput expansion commencing in 2028.

Regulatory Milestones and Operational Continuity

Centerra Gold Inc. confirmed the receipt of the amended environmental assessment and permits on January 20, 2026 [1]. This approval marks the fulfillment of a regulatory process initiated in January 2025, when the British Columbia government designated Mount Milligan as one of four priority mining projects for expedited permitting [1][2]. The amended authorizations not only secure the mine’s operation for the next decade but also facilitate a 10 percent increase in plant throughput scheduled to begin in 2028, alongside approval for increased stockpile capacity [3].

Economic Impact and Stakeholder Support

The extended mine life is projected to sustain employment for more than 1,000 workers, a significant factor for the regional economy [2]. British Columbia Premier David Eby highlighted the stability this brings, noting that the expansion secures “family-supporting jobs” and generates hundreds of millions of dollars in economic benefits for the province [1][2]. Paul Tomory, President and CEO of Centerra, described Mount Milligan as the “cornerstone” of the company’s organic gold growth strategy in British Columbia, emphasizing the asset’s role in driving value for local communities and First Nations partners [1][3].

Strategic Expansion and Market Reaction

While the current permits authorize activities through 2035, Centerra is actively pursuing a longer operational horizon. A Pre-Feasibility Study (PFS) published on September 11, 2025, outlined a potential mine life extension to 2045, supported by a $186 million growth capital plan [1][3]. The company is currently advancing engineering studies to support the future permit authorizations required to realize this additional decade of production [1]. The market responded positively to the regulatory certainty; following the announcement, Centerra’s stock (NYSE: CGAU) appreciated by 12.21 percent [3]. This surge coincided with a broader rally that saw the company’s valuation reach approximately C$5 billion as shares hit historic highs [6].

Strengthening the Regional Portfolio

The regulatory success at Mount Milligan complements recent developments at Centerra’s other major asset in the Toodoggone District, the Kemess project. On January 19, 2026, just prior to the Mount Milligan announcement, Centerra released a Preliminary Economic Assessment (PEA) for Kemess, valuing the project at an after-tax net present value (5%) of $1.1 billion based on long-term metal prices [4]. With 100 percent equity interests in both properties, Centerra is positioning itself to leverage shared infrastructure and a strengthened presence in British Columbia to drive its long-term growth pipeline [4][7].

Sources

Centerra Gold mining