Centerra Gold Inc Annual Shareholders Meeting
May 08, 2015 AM EDT
CG.TO - Centerra Gold Inc
Centerra Gold Inc Annual Shareholders Meeting
May 08, 2015 / 02:00PM GMT
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Corporate Participants
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* Stephen Lang
Centerra Gold - Chairman and Director
* Ian Atkinson
Centerra Gold - President and CEO
* Kalinur Sadyrov
Centerra Gold - Director
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Conference Call Participants
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* Rachelle Small
- Shareholder
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Presentation
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Stephen Lang, Centerra Gold - Chairman and Director [1]
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Good morning, ladies and gentleman. I'm Stephen Lang, Chairman of the Board of Centerra Gold. And on behalf of the Board of Directors, I would like to welcome you to this Annual General Meeting of the Shareholders of Centerra Gold, Inc.
I would like to introduce to you the other members of the Board of Directors who are here today and ask each of them to stand as their name is read. Ian Atkinson, Richard Connor, Raphael Girard, Emil Orozbaev, Michael Parrett, Sheryl Pressler, Terry Rogers, Kalinur Sadyrov, Kylychbek Shakirov, and Bruce Walter
On the stage with me is Ian Atkinson, President and Chief Executive Officer, and Frank Herbert, General Counsel and Corporate Secretary of Centerra. KPMG LLP, Centerra's auditors are also in attendance.
We will now proceed with the formal part of the meeting to conduct the business set forth in the notice dated April 2, 2015 and sent to shareholders. The meeting will please come to order.
On April 15, 2015, notice of the meeting and the management information circular, form of proxy, the annual report containing the financial statements and auditor's report thereon, were mailed to all shareholders entitled to receive such notice. The secretary has an affidavit from CST Trust Company, Centerra's registrar and transfer agent, attesting to the mailing of the notice of the meeting. Unless there are any objections, I propose that we take the notice of the meeting as having been read.
In accordance with the bylaws of the Company, I will act as Chair of the meeting. Frank Herbert, General Counsel and Corporate Secretary of the Company will act as Secretary. And with the consent of the meeting, CST Trust Company by its representatives will act as the [scrutinier].
I have been advised by the secretary based on the scrutinier's report on attendance that we have a quorum for the meeting. The scrutinier's report will be available at the close of the proceedings to anyone who wishes to inspect it. I now declare that this annual meeting of shareholders is duly constituted for the transaction of business.
Before proceeding with the business of meeting, I would like to make a few comments respecting the procedures to be followed. Only registered shareholders of the Company's common shares who are here in person and holders of valid proxies may vote. Other persons present today are here with the consents of the meeting to observe the proceedings only.
There are two matters to be dealt with as part of the formal business of the meeting. First, the election of directors, and secondly, the appointment of auditors. We will conduct all votes at this meeting by ballot.
Following the formal part of this meeting, Ian Atkinson will provide an update on Centerra's activity, and Dr. Sadyrov will deliver a statement on behalf of Kyrgyzaltyn JSC, after which we would be happy to respond to questions.
I now request the secretary to table the minutes of the last meeting of the shareholders held on May 8, 2014. Unless there any objections, I propose that we dispense with the reading of the minutes. May I have a motion that the minutes of the annual meeting of shareholders held on May 8, 2014 be taken as read and verify and approve them?
Thank you. Is there a second?
To those in favor of the motion, please signify by raising their hand. Contrary, if any?
I declare the motion carried.
The annual report and consolidated financial statements of the Company as at the end of the year ended December 31, 2014 and the auditor's report thereon have been mailed to all shareholders entitled to receive them and are available here today. Questions concerning the annual report, financial statements or management's discussion and analysis will be entertained in the general question period following the presentation.
We will now proceed with the election of directors and the reappointment of auditors. The Board of Directors has determined the number of directors to be elected at the meeting shall be 11. All of the directors proposed for nomination in the management information circular mailed to shareholders in connection with the meeting have agreed to stand for election.
The nominees are the following. Ian Atkinson, Richard Connor, Raphael Girard, Stephen Lang, Emil Orozbaev, Michael Parrett, Sheryl Pressler, Terry Rogers, Kalinur Sadyrov, Kylychbek Shakirov, and Bruce Walter. If these nominees are elected as directors, they will hold office until the next annual meeting of shareholders or until their respective successors are duly elected or appointed pursuant to permission of Canadian Business Corporations Act and the bylaws of the Corporation.
As no additional nominees have been received by Centerra in accordance with the bylaws, we will proceed with the election of directors proposed for in the nomination in the management information circular mailed to shareholders in connection with this meeting. We will also proceed with the reappointment of KPMG LLP as the auditors of the Company for the ensuing year, and to authorize the directors of the Company to fix the remuneration to be paid to the auditors.
Registered shareholders and proxy holders will vote by ballot on the resolution to elect directors and to appoint the auditors. I understand that the scrutiniers have already distributed ballots to those registered shareholders and proxy holders who are in attendance today. Please note that the shareholders who have already voted by proxy need not complete a ballot as their votes have already been counted.
Each registered shareholders or proxy holder should record their votes on the two resolutions on the ballot and should sign the ballot. I would ask that you print your name also on the ballot. Once you have completed your ballot, please raise your hands so the scrutiniers may collect it.
So we'll take a brief pause here to allow anyone to complete the ballot and then the scrutiniers will inform me when that is complete. I'd like to ask everyone just to remain seated while we finish that.
Thank you.
The scrutiniers report that Ian Atkinson, Richard Connor, Raphael Girard, Stephen Lang, Emil Orozbaev, Michael Parrett, Sheryl Pressler, Terry Rogers, Kalinur Sadyrov, Kylychbek Shakirov and Bruce Walter, have been elected as directors to take office immediately upon termination of this meeting and until the close of the next annual general meeting of shareholders or until their successors are elected or appointed.
The scrutiniers also report that KPMG be hereby reappointed auditors of Centerra for the ensuing year and that the directors are authorized to fix their remuneration.
As there is no more formal business to come before this meeting, I will entertain a motion to terminate. May I have a motion terminate the meeting?
Thank you. Is there a second?
For those in favor of the motion, please signify by raising their hands. Contrary, if any?
I declare the motion carried and the meeting concluded.
Now this concludes the formal business of the meeting. I would now turn to Ian Atkinson, Centerra's President and Chief Executive Officer to address our 2014 performance.
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Ian Atkinson, Centerra Gold - President and CEO [2]
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Okay. Thank you, Steve, and good morning, everyone.
Just to start, we'd bring your attention to the cautionary note here about forward-looking statements in the presentation, and also point out that all figures are in US dollars unless otherwise stated.
So to start off, this slide gives an overview of Centerra's various projects around the world. As many of you know, we in the past have been focused on Asia. And in the last year and going forward, we have now started adding other areas of focus, and we've added now exploration projects in both Canada and Portugal. And most recently, we have added a development project, the [Hardrock] project in Northern Ontario.
This next slide just shows some -- [four of the assets] and our two operations and other key projects. And the top left-hand corner, this picture of the Kumtor pit with the SB zone in the foreground, the (inaudible) operation in the background. The top right-hand corner shows some of the reclamation work that's ongoing right now is the waste dump in [Boroo].
The bottom right-hand corner shows the maintenance shops that we've constructed Gatsuurt to get that going when we can. The middle on the bottom, that's our latest acquisition, that's the Trans-Canada property in Northern Ontario. And then the bottom left-hand corner, that's a picture of the [Keltepi] deposit on the Oksut project in Turkey.
So just looking at 2014, the Company achieved its full year gold production and unit cost guidance during the year. And our all-in costs for that production, excluding revenue-based taxes and income taxes, was $955 per ounce sold. We also expanded the Oksut resource last year to about 1.4 million ounces of gold. We also upgraded the majority of the resource actually to a measured resource category.
We also extended $150 million revolving credit facility with EBRD for the year, and that gives us further liquidity going forward. And we got a very strong balance sheet in the year. We ended the year with $562 million in cash and $486 million net of debt.
We also maintained our quarterly dividend throughout the year, and that's CAD 0.04 per share.
Just look at our operating performance for 2014. As I've said, we did meet our production guidance producing some 621,000 ounces of gold for the year. But Kumtor had an exceptional fourth quarter, it produced to 291,000 ounces in the fourth quarter, over 50% of its production for the year. And then Boroo actually exceeded its revised guidance, it produced some 53,000 ounces of gold for the year. So our all-in sustaining cost pre-tax on that production during the year was $852 per ounce sold.
Going forward, just look at our estimated consolidated production for this year, we expect not to be in the range of 480,000 to 535,000 ounces for the year. And certainly, this year, unlike past years, Kumtor actually should have a [fairly] even quarterly reduction profile.
And just looking at the cost going forward, on a consolidated basis for the full year, we expect our all-in sustaining cost to be in the range of $898 to $1003 per ounce sold and that's pre-tax. And if you look at our all-in costs for the year, that's all of our capital goals -- sustaining growth capital, all of our exploration costs, our project development costs and corporate costs and pre-tax, we expect that number to be in the range of a $1041 to $1163 per ounce sold.
And over the last ten years, actually, since the Company went public, (inaudible) in June of 2004, so we've just passed our 10th anniversary, one of the key is values for the growth of Centerra has been growth in its reserve base. Unfortunately, last year we did see a significant decrease in reserves at Kumtor. But we do expect to be able to offset that as we go forward, as we had new reserves some from our Oksut project in Turkey and the Trans-Canada project in Northern Ontario, as we complete feasibility studies on both these projects later this year and into next year.
I should point out as well, this chart actually only deals with reserves. It doesn't show any of the resources we have or, I mentioned, the 1.4 million ounces of measured and indicated resources at Oksut. It doesn't show the 1.6 million ounces of high grade inferred underground resources that we have at Kumtor, and all the resources we have a Gatsuurt. Gatsuurt is actually a project we haven't done any drilling on now since 2009. Still has [upside]. And then, of course, now we've got a 50% interest in the 4 million ounce resource from the Hardrock property in Northern Ontario.
So just looking at the financial performance for the year -- last year we reported a net loss of $44 million or $0.19 per share. And this reflects a cash impairment charge against our good will at Kumtor of some $111 million, that's $0.47 per share.
The cash provided by our operations during the year was $376 million or $1.59 per share. And as I said, that left us with a good cash balance at the end of the year, so $562 million.
Just looking at 2015, our outlook for capital expenditures, excluding the stripping, [capitalized] stripping at Kumtor, is some $76 million. $50 million of that is sustaining capital, and then $26 million is growth capital, and all of that is at Kumtor. And now the cash portion of the capitalized stripping at Kumtor for the year is expected to be about $185 million.
We'll also be spending some $11 million on exploration this year, another $11 million on the Oksut project to complete the feasibility study. On our first budget, we've established with the Hardrock project, is $20 million for the year.
And this slide, it's a busy slide but it outlines our approach to our sustainability program. And that uses a three-pronged strategy that places an emphasis on gaining a better understanding of the effectiveness of our community investment programs.
In terms of the community investments that we make, we do actually focus on building the capacity of our community shareholders to reduce their dependency on us. So we targeted projects with focus on agricultural improvements, enhanced livelihoods, small business development, and youth empowerment.
In 2014, we invested some $6.3 million in a range of community projects in Turkey, Mongolia, and Kyrgyzstan. We do intend to focus on being a responsible miner, we we've always been, and continuously explore ways to strengthen our relationships with the local communities and improve our overall social performance.
Just look at the first quarter results, we produced 171,000 ounces in the first quarter of this year. And that was done with some [all-in] sustaining cost, pre-tax with some $718 per ounce or an all-in cost pretax of $799 per ounce. We reported net earnings for the quarter of $41 million or $0.17 per share. And cash provided by operations in the quarter was $130 million.
So our cash balance at the end of the quarter was $544 million or $460 million net debt. But that's actually after paying the $67 million US that we paid to acquire the 50% interest in the Hardrock project in March. And with the gold price still trading in this fairly tight range of 11.50 to 12.50 per ounce, we got to continue to operate our business for this price environment. So we're continually looking for ways to improve our operations and develop opportunities for further cost reductions to ensure we maintain a margin.
Moving on now, just an update on some of the developments from the Kyrgyz Republic in the last 15 months. I think, as many of you know, we've been in discussions with the Kyrgyz government for some time about a potential restructuring of the Kumtor project. We did sign a [heads] of agreement with the government in December of 2013. The parliament reviewed that agreement February of last year and approved a resolution supporting the restructuring. And following that, we continued discussions with the government throughout the year.
During the year -- last year, there were a number of outside issues that did develop which although they didn't directly affect our discussions with the government, there are issues that do need to be resolved to allow any restructuring to go forward. There are things such as Stans Energy litigation, the intercompany dividend issue, and most recently, the Belokon litigation.
One other matter last year that impacted negotiations, it was at the start of this year, actually, we announced our updated reserves for Kumtor, and that led to a reduction of the reserves, thereby some 1.6 million ounces after accounting production. Now this reduction reflects the negative reconciliation that we had at Kumtor in the fourth quarter of last year which led us to build a new resource model.
We're using the new resource model, we have developed a new [life-of-mine] plan that incorporated [design changes] with the (inaudible) that we had built at Kumtor in front of the [Davidoff glacier] last March. And then also, we had to flatten some of the slopes on one of the walls for safety reasons. So following that, we actually did continue our discussions with the government regarding restructuring transaction in light of the mine plan.
But on the 9th of April, the former Prime Minister Otorbaev reported back to parliament on the status of our negotiations. In that report, he said that he no longer supported the restructuring as a 50-50 joint venture between Kyrgyzaltyn and Centerra as it was not in the best interest of the Kyrgyz Republic. But in the same speech, he also stated clearly that he was not in favor of nationalization of the project either.
Since then, the Prime Minister resigned. And then on the 30th of April, the parliament appointed a new prime minister, Mr. Sariev. So now that the new prime minister's been appointed, we expect to resume our discussions with the government about the way forward towards the resolution of all outstanding matters affecting the Kumtor project.
Just moving on now to Mongolia. As we said, Mongolia had actually a good year again last year. It exceeded its revised guidance for using some 53,000 ounces in the year. However, in December of last year, we actually completed milling of the last ore from the stockpiles at Boroo. So the mill's now being placed on care and maintenance.
So over the years, actually, Boroo's done very good operations for the company. It started production in 2004. And since that time, it's produced over 1.9 million ounces of gold and generated over $400 million worth of free cash flow to the company.
Our production guidance for Boroo this year [reached] 10,000 to 15,000 ounce range. And that includes ounces that we generated from the mill cleanup and then ounces that will come out of the second [leaching] of the material in the heap leach [pads]. We haven't included any production from Gatsuurt in the outlook for Mongolia for this year.
Now, having said that, we actually are quite encouraged about the Gatsuurt project because it was declared strategic by the government of Mongolia in January this year. So that designation, actually, is a fairly significant step forward. And it now allows Gatsuurt to be moved forward within the application of the headwater and forest law.
So we're now continuing our discussions with the government on their level of ownership in the project. And this ownership can take the form of either a special royalty or a direct participating interest in the project. Once we've done that, we will also need to refresh all of the permits for Gatsuurt and complete a deposit development agreement with the government.
So now, just a little more information on the Trans-Canada partnership. We announced the new partnership with Premier Gold, which covers the Trans-Canada property in northwest in Ontario. We've announced that in February, we conclude and close the transaction on the 9th of March. And at that time, we received a 50% share in the partnership with an upfront payment of only CAD $85 million or USD $67 million.
We now have to invest for the CAD $185 million to advance the project with half of this being on behalf of Premier, so 92.5 million. So a portion of this funding will be used to complete the updated resources and feasibility study. And then the balance of the funds that we have to invest in the project will go into the construction and development of the deposit itself. And this will only happen once we've met certain project development criteria or feasibility hurdles that are enshrined in the agreement.
So after we've invested 92.5 million on behalf of Centerra plus the money on behalf of Premier, totaling CAD $185 million funding on the project from that point forward, will be on a 50/50 basis.
So we've already got the infill drilling program underway on the project. That will be used to update the resource model later this year. When we do that update, it'll also incorporate some 35,000 meters that we completed on the project late last year by Premier. And if that update resource -- the results from that work do actually show an increase in the overall contained ounces within the Hardrock [pit shell], the agreement does have a provision to make a contingent payment to Premier of up to $30 million depending on the number of ounces developed.
So we're actually very excited about this new partnership because it does give us an exposure to a significant gold resource and advanced stage development project here in Northwestern Ontario. The property has very, very large land [package] with some excellent exploration potential. The main deposit, the Hardrock deposit has already had an extensive amount of drilling done on it.
We've actually also structured the deal with Premier to maximize the funds that we're investing to benefit our shareholders. There was a relatively small upfront payment. Actually, the majority of the funds actually go into the development of the project itself. The project actually also provides an opportunity for Centerra to shoulder some of the income from taxes because we can use some of the current and future tax credits that we generate here in Ontario.
The project also came with an excellent development team that Premier had assembled so that we don't waste any time. The project is moving forward. And as I said, this transaction does compliment our two existing development projects, Gatsuurt and Oksut, as well as it provides us with diversification and additional production growth.
So we are actually focused on profitable growth over time. So this slide shows our current advanced projects that we can move along. We developed sequentially. We then increased our production profile over the next five years.
It starts there with Gatsuurt. That's the Gatsuurt project's located in Mongolia. This project actually doesn't need a lot of cash to get it going that's because we've actually already bought the trucking fleet, we built the road, we own the mill so that once we've completed the deposit development agreement with the government, we can move it along fairly quickly with minimal cash, get production started. Then we only have to invest for the capital in the project when we get close to mining the [sulphide ore] which is about 2.5 years out.
And following that was the Oksut project that's located in Turkey. We're completing a feasibility study on the Oksut deposit right now. We expect to have that done by mid-year. And that could see production from the Oksut deposit as early as late 2016.
And again, Oksut's actually a fairly low capital project. And the PEA, the Preliminary Economic Analysis that we published last February, it shows that it only takes us about $160 million to get it up and running. And then now, of course, most recently, we've added the Trans-Canada property and the Hardrock deposit.
The Hardrock deposit itself is the most developed deposit on the property. It's a large land holding, but there are some other intriguing gold deposits on the package such as the Brookbank deposit, Kailey and Key Lake deposits. So project that's a little further out but has got a lot of potential for us.
So the timing, actually, works very well for us. We can bring, look at trying to bring Gatsuurt in production in the next year to year and a half followed by Oksut. Once we got that going, we should be on the construction stage for Hardrock. And it's quite likely that once we've invested the $185 million in Hardrock project, that the Hardrock project could attract project financing quite easily.
Having said that, I mean, actually, we could fund the development work probably on all three of these projects from our balance sheet. But we've actually already been approached by groups to look at project financing both in Gatsuurt and Oksut.
So now, just to finish off, what are some of the events going forward this year and then to next year that could have a positive impact on our share price. Already this year, we've had Gatsuurt declared strategic. That was done in January of this year. So now, we've got to finalize the state ownership in the Gatsuurt property.
Once we've done that, we can include the deposit development agreement with the government and start moving the project forward. I think once we get to that stage, we will see some value added back into our stock for Gatsuurt because at this point, I think most of this has been taken out.
We've completed a successful M&A transaction with the Trans-Canada partnership in February and March. So now we need to move that project forward quickly. But I think the one thing that most people have been focused on, and still are, is to finalize the restructuring with Komtur around the heads of agreement.
So now that the new prime minister has been appointed, we'll be continuing discussions with the new prime minister and the Kyrgyz government to resolve all of the outstanding concerns relating to the Komtur project. But as we've said all along, any restructuring of conclusions we reach with the government, have to be fair to all shareholders.
So following that, Oksut is shown here. We've got to complete the feasibility study on Oksut. We're on track to have that done by the middle of this year. We will hope to be taken to our board in July and with the decision then to proceed with development. And then, with that positive decision, we could see production from Oksut as early as late 2016 or certainly in 2017.
So then, with respect to the Trans-Canada property as I said, we started the infill drilling there. The results of this work will be used in the new resource update that we hope to get done in the third quarter of this year. And then we'll be pushing forward to complete the feasibility study that we hope to get done either late this year or the first quarter of next year.
We're also continuing our exploration efforts on the properties we already have, looking for other opportunities, and certainly any success on any one of these properties could have an impact on our share price. We're also continuing to actively look for other opportunities for acquisition or through an M&A. And we do have a strong balance sheet to support this activity.
So I thank you for your time and attention. Steve, I'll pass things back to you.
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Stephen Lang, Centerra Gold - Chairman and Director [3]
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Before opening the floor of questions, I'd like to introduce again Dr. Sadyrov [whose been] asked to deliver a statement on behalf of Kyrgyzaltyn. Dr. Sadyrov will not be speaking in his capacity as a director and only at the request of and on behalf of Kyrgyzaltyn. Dr. Sadyrov.
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Kalinur Sadyrov, Centerra Gold - Director [4]
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(Speaking in Foreign Language).
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Stephen Lang, Centerra Gold - Chairman and Director [5]
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Thank you, Dr. Sadyrov. I would respond by noting that many of the items raised in Kyrgyz's statements have already been addressed in Centerra's public disclosure. And I would direct anyone with questions on the statement to refer and consult with Centerra's public disclosure documents. Additionally, some of the points raised by Kyrgyzaltyn are matters of the ongoing negotiation between Centerra and the Kyrgyz government.
The board has directed management to seek negotiated resolution to all the outstanding matters with one overriding principle, that all shareholders are to be treated fairly.
The vote today demonstrates shareholder support for this approach as our non-Kyrgyz directors have received support of, on average, more than 98% of all the votes from shareholders other than Kyrgyzaltyn. I believe we are on the right track.
We would be happy now to respond to any questions from shareholders.
Please, we ask that you keep questions brief and limit yourself to one question. Please be reminded that all questions from shareholders should be relevant, courteous, and concise. Only registered shareholders or duly appointed proxy holders of registered shareholders are entitled to address the meeting. Accordingly, before asking your question, please state your name and advise if you are a shareholder or a proxy holder.
QUESTIONS AND ANSWERS
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Rachelle Small, - Shareholder [6]
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Thank you. My name is [Rachelle Small]. I'm a business [insider] and a shareholder with Centerra. So just recently, because I was writing a number of stories about this for other gold mining companies, a number of community leaders near the Kumtor mine actually reached out to me by email raising some concerns, which frankly, I was shocked by. And given the statements made today about the importance of social responsibility with Centerra, I was hoping to hear your response.
They also sent me a report. I have about 20 copies which maybe I'll pass around as they urged me to do so. They raised a number of very serious concerns. They listed extensive serious and irreparable damage to a number of glaciers as confirmed by a number of independent geological reports.
They explained that according to their sources, the Kumtor mine had in fact been dumping waste illegally and had failed to receive any permits for proper waste disposal since the mine had begun. And in fact, one of them sent me a copy of an email that was sent by Michael Fischer in which he said -- concerning the permission to dispose of waste, we would like to inform you that the site allocated for the disposal of domestic and industrial waste are indeed currently operating without the relevant documentation. For me, this is a humongous concern.
There has also been a report produced by the gold mining expert and geologist Robert Moran in which he, first of all, detailed that he was refused entry in order to conduct independent water sampling and also explained, I mean, frankly, I'm not a scientist, and I can't speak exactly to the details of the environmental report. But he said that -- water testing has shown numerous chemical pollutants, have high concentration around the mining area, sometimes exceeding international water quality standards. And this, of course, are the waters that are used by the local community.
And then finally, and most concerning to me, there've been a number of reports of local community members who, when trying to document, simply to take photos of what they perceived as the damage to the glaciers who were arrested and who have faced significant torture in jail.
So I understand, of course, that this company is not responsible for the entire operation of police in the country. But for me, for a Canadian company to be involved in these sort of allegations is a huge issue. So I would really be interested in hearing how you intend to address these issues which it sounds like have been ongoing for at least 10 years in a number of cases.
And another concern of mine is that, and many of us know, of course, that Barrick's Pascua-Lama mine is, in many cases, a similar gold mine operating around a glacier. And it, of course, recently has had to be shelled after over $3 billion in investments because of issues resulting in the contamination of glaciers. As a shareholder, I would be interested to know how you would avoid similar shut down of this Kumtor mining project.
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Stephen Lang, Centerra Gold - Chairman and Director [7]
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Thank you. First note, in the history of Centerra, this is the first shareholder question, so you have that honor.
Many of the items you have mentioned have been part of our very extensive disclosure by Centerra, including the [Moran] report, many of the comments regarding the impact on glaciers, the environmental impact, local access. And there's extensive public disclosure that Centerra has made. Our approach there had been -- there was not only 20 years worth of reports by the inspectors.
We also had international (inaudible) institutes that have [locked] and reviewed our environmental performance before allowing a procedure and proceeding on [arranging] finance. They found that Centerra has been substantially compliant with all local law and with international standards. Further, when the allegations came, managements had hired a consulting firm to go point by point by them, and that report is part of the public disclosure.
Further, the board has conducted personal visits to the site to look at the allegations. And in addition, the board independently, hired a consultant to review the allegations and have reported to the board on that. All of that has been made public and is part of the public disclosure. And I would suggest first a good start for all shareholders is to go through that extensive documentation.
And finally, in regard to some of the allegations which are new, they would be a significant concern to the board, and I would invite you to stay after the meeting, and meet with Mr. Atkinson and present your concerns. Thank you.
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Rachelle Small, - Shareholder [8]
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I'll also pass around these reports for the interest of shareholders which were produced by a number of researchers (inaudible).
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Stephen Lang, Centerra Gold - Chairman and Director [9]
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Okay. Are there further questions? Thank you for attending our annual general meeting. Now, please help yourself in the adjoining room for refreshments.
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