Centerra updates guidance as Öksüt restarts

The Oksut mine

The Oksut mine

1st August 2023

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online


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Canada-based Centerra Gold has updated its full-year production guidance, following the resumption of operations at Öksüt, in Türkiye, in early June.

The company, which on Monday reported second-quarter output of 61 622 oz of gold and 13.8-million pounds of copper, expects to produce between 340 000 oz and 360 000 oz of gold at Öksüt this year and between 160 000 oz and 170 000 oz at Mt Milligan.

Although the guidance for Mt Milligan, in British Columbia, Canada, is unchanged, Centerra cautioned that production is trending near the low end of the range.

Centerra kept its copper production guidance unchanged at between 60-million and 70-million pounds.

“The second quarter of 2023 was pivotal for Centerra, as we achieved several milestones that should contribute to stronger performance in the second half of the year. Most notably, at the end of May, we received approval from the Turkish Ministry of Environment for Öksüt’s amended environmental impact assessment. Having received these regulatory approvals, we restarted full operations at the mine in early June and produced 20 503 oz of gold within the month,” said president and CEO Paul Tomory.

Centerra’s 2023 consolidated gold production costs are expected to be $700/oz to $750/oz, reflecting the full restart of gold production at Öksüt, with lower unit costs expected during the second half of 2023.

Full-year gold production costs at Öksüt are expected to be $450/oz to $500/oz and the company has increased full-year gold production costs at Mt Milligan which are now expected to be $1 000/oz to $1 050/oz, up from $900/oz to $950/oz previously.

All-in sustaining costs on a by-product basis are expected to be $1 000/oz to $1 050/oz, including $650/oz to $700/oz at Öksüt and $1 125/oz to $1 175/oz at Mount Milligan, an increase from previous guidance of $1 075/oz to $1 125/oz.

Meanwhile, Centerra reported a net loss of $39.7-million, or $0.18 a share, and adjusted net loss of $42.3-million, or $0.20 a share, for the second quarter.

Edited by Creamer Media Reporter


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