Centerra Sees Net Loss of $68 Million During Q4 2012

Centerra Gold Inc. (TSX:CG) released its year-end and fourth-quarter results for 2012, commenting that it recorded a net loss of $68 million, or $0.29 per share, during Q4. That’s compared to net earnings of $79.4 million for the year-ago quarter.

According to the press release, highlights of the results include:

  • Increased reserves at Kumtor by 58% with the new KS-13 life-of-mine plan.
  • Replaced reserves, proven and probable gold reserves now total 11.1 million ounces of contained gold.
  • Agreed to acquire the remaining 30% interest for 100% ownership of the Oksut gold project in Turkey, which subsequently closed in January 2013.
  • Reported initial resource estimate on the Oksut gold project of indicated resources of 682,000 contained ounces and inferred resources of 477,000 ounces of contained gold.
  • Started up the heap leach operation at the Boroo mine.
  • Signed a new two year Collective Bargaining Agreement at the Kumtor mine. The new Agreement expires at the end of December 2014.
  • Produced 219,316 ounces of gold in the quarter, including 189,438 ounces at Kumtor and 29,878 ounces at Boroo.
  • Increased revenues to $368.5 million compared to $248.0 million in the same quarter of 2011.

Click here to read the full Centerra Gold Inc. (TSX:CG) press release.