05:27 PM EDT, 09/12/2024 (MT Newswires) -- Centerra Gold ( CGAU ) edged up in after-hours New York trading after the company said a feasibility study for its Thompson Creek mine showed the site can support a US$397 million mining project producing 13-million pounds of molybdenum over a 13-year mine life.

The company said along with the restart of Thompson Creek, it is expanding its Langeloth molybdenum processing plant, raising throughput from 13-million pounds per year to 40-million pounds.

"Over the last year, we have developed a value-enhancing strategy for Centerra's US molybdenum operations, centred around the vertical integration of Thompson Creek and Langeloth, and supported by strong molybdenum market fundamentals," said chief executive Paul Tomory. "The combined US Moly business is expected to produce an after-tax net present value (8%) of $472 million... When Thompson Creek begins production, currently targeted for the second half of 2027, it will provide additional high-grade, high-quality feed to Langeloth, enabling a ramp-up of production towards Langeloth's full annual capacity of 40 million pounds while improving operational flexibility to meet market demand."

The company's shares were last seen up US$0.01 to US$6.99 after hours. They closed up $0.49 to $9.49 on the Toronto Stock Exchange.