Canadian gold miner Centerra Gold has posted net earnings of $6-million, on revenue of $259.1-million in the third quarter and also improved its previously lowered gold guidance for the year.
The third-quarter results include an impairment charge of $8.5-million to write down the net assets of the Mongolian business unit, which it recently sold. Excluding the write-down, adjusted earnings were $14.5-million.
During the same period of 2017, Centerra reported a net loss of $841 000 on revenue of $276.2-million. The results of the third quarter of 2017 included a one-time charge of $60-million as a result of the settlement between the Kyrgyz Republic and a gain from proceeds of $9.8-million on the sale of a property in Mongolia. Adjusted earnings of 2017 were $52.3-million.
Centerra produced less gold in the third quarter of 2018, with output falling to 181 243 oz, including 122 445 oz at the Kyrgyzstan-based Kumtor and 58 798 oz at the Canada-based Mt Milligan, which is suffering from water shortages. Gold sales amounted to 166 716 oz in the three months.
A total 12.7-million pounds of copper were produced and 13.6-million were sold.
The consolidated group production guidance was increased to between 665 000 oz and 705 000 oz in the full year, after increasing the Kumtor guidance range to between 490 000 oz and 510 000 oz. The previously lowered guidance range was 625 000 oz to 695 000 oz.