Centerra Gold swings to Q2 profit as Kyrgyz mine kicks into gear, raises guidance
TORONTO (miningweekly.com) – Canadian miner Centerra Gold has reported a second-quarter profit of $1.6-million, or $0.01 a share, compared with a net loss of $48.9-million a year earlier, as gold output surged 89% year-on-year, boosted in particular by a strong performance at its flagship Kumtor mine, in Kyrgyzstan.
The company on Wednesday said it had produced 99 426 oz of gold in the quarter ended June 30, including 72 365 oz at Kumtor and 27 061 oz at Boroo, in Mongolia, compared with 52 482 oz (41 307 oz from Kumtor and 11 175 oz from Boroo) in the second quarter of the previous year.
The increased output helped to offset a 14% decline in the realised gold price of $1 376/oz for the quarter.
Revenue climbed 43% to $128.2-million, compared with $89.7-million, despite mining and processing operations being impacted at Kumtor between May 30 and June 1 as a result of an illegal protest that blocked the road leading to the mine, disrupting deliveries.
The second-quarter results included charges totalling $2.8-million, mainly constituted by a charge of $2.2-million for the write-off of certain infrastructure assets at Kumtor that could not be relocated as a result of the accelerated movement of the central valley waste dump. Movement was reported to have stabilised following mitigation actions.
The miner lifted its consolidated gold production outlook for the full year to between 615 000 oz and 675 000 oz.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Established in 1983, the ASTPM is an industry association and representative body of the welded carbon steel tube and pipe manufacturers of South...
VISIT SHOWROOM
CSIR International Convention Centre (CSIR ICC) - the leading conference and events venue in Pretoria/Tshwane.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
