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(Kitco News) - Centerra Gold (TSX: CG) (NYSE: CGAU) yesterday reported Q2 2023 gold production of 61,622 ounces, up 44% compared to Q2 2022 (42,728 ounces).
The company said that its quarterly output includes production from the Mount Milligan mine, which achieved record throughput in May and June in the process plant, and a partial month of production from the Öksüt mine.
The company noted that consolidated gold production costs were $1,066 per ounce in Q2 2023 (Q2 2022: $961 per ounce), adding that costs were primarily impacted by mine sequencing and other timing factors, in addition to general inflation on labour and consumable costs.
Centerra reported Q2 2023 net loss of $39.7 million (Q2 2022: net loss of $2.6 million) or $0.18 per share and adjusted net loss of $42.3 million (Q2 2022: adjusted net loss of $36.2 million) or $0.20 per share, and declared quarterly dividend of C$0.07 per common share.
The company’s 2023 consolidated gold production guidance has been updated following the resumption of operations at Öksüt and is now expected to be between 340,000 to 360,000 ounces, including estimated gold production of 180,000 to 190,000 ounces at Öksüt and 160,000 to 170,000 ounces at Mount Milligan.
Centerra also said it is in the process of evaluating all the company’s assets with the intent of developing a comprehensive value maximizing strategic plan.
“Key aspects of this plan will include a view on the Molybdenum Business Unit, with an assessment of the potential for a restart of operations at the Thompson Creek molybdenum mine in Idaho, continuing to drive operational and technical improvements at Mount Milligan, repositioning our approach at the Goldfield project to target higher returns, and assessing opportunities for growth in gold production,” it added.
Centerra Gold is a Canadian-based mining company focused on operating, developing, exploring and acquiring gold and copper properties in North America, Türkiye, and other markets worldwide. Centerra operates two mines: the Mount Milligan mine in British Columbia, Canada, and the Öksüt mine in Türkiye.
The company also owns the Goldfield project in Nevada, United States, the Kemess underground project in British Columbia, Canada, and owns and operates the Molybdenum Business Unit in the United States and Canada.
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