CGAU - Why Shares in Centerra Gold Surged This Week
2023-06-01 14:27:53 ET
Shares in gold miner Centerra Gold (NYSE: CGAU) were up 24% in the week to midday Thursday, according to data provided by S&P Global Market Intelligence . The move comes after a couple of days of positive news for the company.
First, the stock rallied on Tuesday as the results of the general election in Turkey resulted in a victory for the former administration. That's a plus because Centerra was awaiting ministry approval to restart production of gold dore bars after having previously accepted an Environmental Impact Assessment (EIA).
As a reminder, Centerra was forced to shut down gold dore bar production in March 2022 following the discovery of mercury at the Öksüt Mine. A win for the former administration implies fewer civil service changes and potentially less approval process disruption.
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Why Shares in Centerra Gold Surged This Week