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Thursday, November 5, 2020 - 5:36:52 PM
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Mining News Pro - Centerra Gold announced on Wednesday record earnings of $205.7 million and $0.70 per common share for Q3 2020. Cash flow from operations was $358.8 million, resulting in a cash position of $484.2 million at quarter-end.
“The strong operating performance at Kumtor and Mount Milligan continued into this quarter and our Öksüt mine demonstrated the additional value it brings to our operating portfolio on all metrics; production, low cost and free cash flow generation,” Centerra CEO Scott Perry said in a press release.
Total production across its operations totaled 241,448 ounces of gold and 23.3 million pounds of copper, at costs of $386/oz and $0.95/lb respectively. All-in sustaining costs (AISC) on a byproduct basis were $528/oz sold in the quarter.
Based on these results, the company made no changes to its previous gold production guidance of 740,000 to 820,000 ounces. Guidance for full year AISC on a byproduct basis per ounce sold has been reduced to $740-$790/oz.
Centerra also confirmed that the Kumtor mine was not affected by the political and social disruption in Kyrgyz Republic, with mining and gold production continuing at targeted rates.
Meanwhile, the company has declared a quarterly dividend of C$0.05 per common share – amounting to $11.3 million in cash returned to shareholders.
Centerra Gold’s stock opened 5.7% higher on Wednesday, giving the Toronto-based miner a market capitalization of approximately C$3.83 billion.
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