(MENAFN- ProactiveInvestors)-- ADDS BROKER COMMENT -- Gold producer Stratex International (LON:STI) could be a step closer to receiving royalty payments after its former joint venture partner Centerra Gold (TSX:CG.) cleared a major hurdle on its 1.2mln ounce (Moz) Öksüt gold project in Turkey. Centerra received final approval of the environmental impact assessment on the project and is now targeting first gold production in the second quarter of 2017. Stratex sold the project to Centerra for US$20mln cash and a 1% net smelter return royalty capped at US$20mln. Northland Capital said: 'Stratex International's Öksüt gold project currently makes up around 14% of our valuation of the company and the advancement of the project towards cash flow will increase its importance to Stratex' Centerra added that it believes there is scope for further exploration on the 1.2Moz site after additional oxide material was identified 1km away from the area. Additional drilling is planned once the necessary drill permits are approved the company said. The news comes less than a week after Stratex became a gold producer after a first gold pour at its Altintepe mine in Turkey.
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