Centerra Gold swings to Q2 loss on charges
TORONTO (miningweekly.com) – Canadian gold producer Centerra Gold on Tuesday released its financial results for the second quarter after markets closed, reporting a net loss of $31.7-million, or $0.13 a share, compared with earnings of $1.6-million, or $0.01 a share, in the same period a year earlier.
TSX-listed Centerra said the bottom line reflected increased depreciation, depletion and amortisation and an inventory impairment at its flagship Kumtor mine, located at high altitude in the Kyrgyz Republic, as well as lower realised gold prices and higher share-based compensation.
Centerra reported a 7% decrease in revenue at $119.5-million, impacted by a 7% lower average realised gold price of $1 285/oz. Sales volumes were flat year-over-year at 93 004 oz.
Gold output for the three months ended June 30 was 92 124 oz, a decrease compared with the 99 426 oz in the comparative quarter of 2013, reflecting lower output at the Boroo mine, in Mongolia, owing to unscheduled mill downtime, processing lower-grade ore and lower ounces under primary leach. Output at Kumtor was 8% higher year-on-year, boosted by higher mill throughput, higher mill head grades and higher recoveries.
Centerra’s all-in costs an ounce sold were up 1% for the second quarter at $1 722 and included all cash costs related to gold production, excluding revenue-based taxes in the Kyrgyz Republic.
Centerra’s TSX-listed stock on Tuesday closed at C$6.32 apiece.
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