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Centerra increases 2020 gold production, exceeds guidance

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(Kitco News) - Centerra Gold (TSX: CG) reported today that its fourth quarter and annual production exceeded the upper end of the company’s consolidated 2020 annual gold production guidance.

Centerra said that gold production in the fourth quarter was 172,446 ounces including 90,402 ounces of gold produced by the Kumtor mine, 42,664 ounces of gold produced by the Mount Milligan mine and 39,380 ounces of gold produced by the Öksüt mine.

Full-year 2020 gold production was 824,059 ounces, which was up 5% compared to 2019 (783,308 ounces) and exceeded the upper end of guidance, including 556,136 ounces of gold produced by the Kumtor mine, 161,855 ounces of gold produced by the Mount Milligan mine and 106,068 produced by the Öksüt mine.

Copper production was 20.4 million pounds in the fourth quarter and 82.8 million pounds for the full year 2020, each within guidance range.

The company added that all-in sustaining costs on a by-product basis per ounce sold is expected to be below the lower end of the annual guidance range of $740 to $790.

President and CEO Scott Perry stated, “In 2020, our operations had strong operating performance and the company exceeded its consolidated gold production guidance, delivering more than 824,000 ounces of gold for the year. Of note, is the performance at our newest mine, the Öksüt mine, which exceeded its annual gold production guidance. Öksüt’s first gold pour was January 31, 2020 and achieved commercial production on May 31, 2020. Given our actual gold production, our all-in sustaining costs per ounce sold is expected to be below the lower end of our 2020 guidance range.”

Centerra Gold is a Canadian-based gold mining company focused on operating, developing, exploring, and acquiring gold properties in North America, Asia, and other markets worldwide and is one of the largest Western-based gold producers in Central Asia.

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