Centerra’s gold production beats guidance

Öksüt mine in Turkey. Image from Centerra.

Centerra Gold (TSX: CG) announced Thursday that its fourth quarter and annual gold output both exceeded the upper end of the company’s consolidated 2020 production guidance.

Gold production in the fourth quarter came to 172,446 ounces, including 90,402 ounces produced by the Kumtor mine in the Kyrgyz Republic, 42,664 ounces produced by the Mount Milligan mine in British Columbia and 39,380 ounces produced by the new Öksüt mine in Turkey, which achieved commercial production on May 31.

For the full year, gold production was 824,059 ounces, which exceeded the upper end of guidance. This includes 556,136 ounces produced by the Kumtor mine, 161,855 ounces produced by the Mount Milligan mine and 106,068 ounces produced by the Öksüt mine.

Production costs are expected to fall within the annual guidance range of $410 to $460 per ounce, while all-in sustaining costs (AISC) on a byproduct basis are expected to be below the lower end of the annual guidance range of $740 to $790 per ounce.

Meanwhile, copper production reached 20.4 million pounds in the fourth quarter and 82.8 million pounds for the full year 2020, each within their respective guidance range.

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