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Aug 10, 2022

Centerra Gold reports Q2 loss of US$2.6M

We would be buyers of any kind of correction in gold: Phillip Streible

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Centerra Gold Inc. reported a net loss of US$2.6 million in its latest quarter, compared to a net loss of US$851.7 million in the same quarter last year.

The Toronto-based company, which keeps its books in U.S. dollars, says the decrease in net loss was primarily due to the loss of US$926.4 million recognized on the change of control of the Kumtor Mine in the second quarter of 2021.

Centerra also says the net loss for the quarter was partially offset by a US$40.9 million reclamation provision revaluation recovery at the Endako Mine and the Thompson Creek Mine.

Centerra says gold production for the quarter amounted to 42,728 ounces, solely from the Mount Milligan Mine, while at the Öksüt Mine, activities during the quarter resulted in 58,469 recoverable ounces stored as gold-in-carbon inventory at the end of June.

Centerra says gold room operations at the ADR plant at the Öksüt Mine remain suspended since early March due to mercury detected in the gold room, but overall operating costs at the mine were not significantly affected by the suspension in the second quarter.

Copper production for the quarter amounted to 17.4 million pounds.