Centerra Gold reports an update on its Kumtor mine in Kygryzstan. The company has lowered its production target by 17% from the earlier target of 560,000 to 600,000 ounces. The decision sent its shares tumbling by 4%.

The press release is quoted as saying:

At the Kumtor mine, the accelerated waste and ice movement experienced in the first half of 2009 continues, the company said in a statement. The company added that it was accelerating implementation of a plan to control the situation.

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