Centerra Gold tops 2013 guidance, expects lower output in 2014
TORONTO (miningweekly.com) – The TSX-listed shares of Centerra Gold on Monday rose 4.52%, or C$0.21 a share, after the company reported that it had met the 2013 output guidance.
Toronto-based Centerra said its Kumtor and Boroo mines produced a total of 690 720 oz of gold in 2013, with the company’s contested flagship Kumtor mine, in the Kyrgyz Republic, contributing 600 402 oz and the Boroo mine, in Mongolia, contributing 90 318 oz.
The company said it aimed to produce between 595 000 oz and 645 000 oz in 2014. The lower target reflected a drop in the 2014 starting ore stockpile inventory and a slowdown in the rate of advance to the high-grade SB zone at Kumtor.
Kumtor’s forecast 2014 output and costs were provided on a 100% basis and the forecast did not make any assumptions regarding possible changes in the structure and management of the Kumtor project, including the level of ownership resulting from ongoing discussions with the Kyrgyz government and Kyrgyzaltyn JSC, Centerra’s largest shareholder.
Centerra said its consolidated all-in sustaining cost per ounce sold was expected to range between $875/oz and $950/oz.
The miner said its 2014 outlook did not include production from the Gatsuurt gold project, located near the Boroo mine, in Mongolia.
Edited by: Creamer Media Reporter
0 Response to "Centerra Gold tops 2013 guidance, expects lower output in 2014 "
Post a Comment