Centerra reports net loss for 2019, declares dividend

The vast open pit Kumtor mine is Kyrgyzstan’s largest gold operation. (Image courtesy of Centerra Gold)

Centerra Gold (TSX: CG) reported on Thursday a net loss for 2019 of $94 million.

Gold production for the fourth quarter was 194,507 ounces and gold production for the year was 783,308 ounces, Centerra said. Copper production for the quarter was 18.1 million pounds and copper production for the year of 71.1 million pounds.

Centerra said its board of directors has authorized a dividend of C$0.04 per share, amounting to C$11.8 million ($8.2 million) for the year.

Centerra has experienced no operating or production disruptions nor any supply chain interruptions or impact due to covid-19

“For 2020, we are estimating consolidated gold production to be in the range of 740,000 to 820,000 ounces combined with 80 million to 90 million pounds of payable copper production,” Scott Perry, president and CEO said.

Centerra operates the Kumtor mine in the Kyrgyz Republic, the Mount Milligan mine in British Columbia, Canada, and now has a third operating gold mine, the Öksüt mine in Turkey, which began production in January 2020.

Centerra said it has experienced no operating or production disruptions nor any supply chain interruptions or impact due to covid-19. However, the company has decided to undertake a reduction of manpower and operations at Öksüt on March 31 for an initial period of two weeks, in response to recent Turkish government initiatives aimed to reducing the spread of the virus.

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