Centerra Gold confirms 2012 production hit

The gold miner was forced to substantially cut its 2012 production outlook in November, as output at its Kumtor mine was hit by ice movement in the pit.

Author: Reuters
Posted: Tuesday , 15 Jan 2013

(Reuters) -

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Centerra Gold Inc said its 2012 gold production totaled 387,076 ounces, down 40 percent from a year ago on lower production from its Kumtor mine in Kyrgyzstan, but expects to produce about 605,000 ounces to 660,000 ounces of gold in 2013.

Toronto-based Centerra was forced to substantially cut its 2012 production outlook in November, as output at Kumtor was hit by ice movement in the pit. Kumtor is Centerra’s largest gold mine.

“The year proved to be a challenging one beginning with the unexpected acceleration of ice and waste into the central pit (at Kumtor),” Chief Executive Ian Atkinson said in a statement on Monday.

In 2011, Centerra had produced 642,380 ounces of gold.

The miner produced 219,316 ounces of gold, during the fourth quarter of 2012, up from the 151,562 ounces produced, an year earlier.

Centerra also said it expects capital expenditures for 2013, excluding capitalized stripping, to be $107 million.

Shares of the company, which has a market value of about C$2.19 billion, closed at C$9.38 on Monday on the Toronto Stock Exchange ahead of release of the production figures.

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