Mt Milligan and Öksüt running well – Centerra
Canada-based Centerra Gold’s two operating mines – Mount Milligan, in British Columbia, and Öksüt, in Turkey – are “running well” and both mines are on track to achieve record free cash flow for the full year.
Despite the seizure of the Kumtor mine, in Kyrgyzstan, Centerra continued to be financially and operationally strong, CEO Scott Perry said on Friday, adding that the company could potentially exceed the upper-end of its free cash flow guidance of $125-million to $175-million this year.
Strong operating results from the remaining two operating mines and cash flows resulted in a quarterly dividend of C$0.07 a share.
“We finished the quarter with a debt-free balance sheet and a cash position of $911.7-million,” he said.
Centerra also looks set to achieve the upper-end of its revised production guidance. The company is guiding 270 000 oz to 310 000 oz of gold and 70-million to 80-million pounds of payable copper at an all-in sustaining cost (AISC) of $700/oz to $750/oz.
With strong copper credits, Mount Milligan has an AISC of $530/oz to $580/oz on 180 000 oz to 200 000 oz of gold production.
For Öksüt, Centerra is guiding 90 000 oz to 110 000 oz at a now-lowered AISC of $680/oz to $730/oz. The company lowered its guidance for Öksüt, which started producing gold in early 2020, by $50/oz.
“Öksüt has been a great addition to our operations and mines and continues to deliver better than planned financial and operating results,” said COO Dan Desjardins.
Centerra reported net earnings and adjusted net earnings of $27.6-million, or $0.09 a share, and $35.7-million, or $0.12 a share, respectively.
Meanwhile, legal proceedings related to the Kumtor mine continue.
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