Centerra updates guidance as Öksüt restarts
Canada-based Centerra Gold has updated its full-year production guidance, following the resumption of operations at Öksüt, in Türkiye, in early June.
The company, which on Monday reported second-quarter output of 61 622 oz of gold and 13.8-million pounds of copper, expects to produce between 340 000 oz and 360 000 oz of gold at Öksüt this year and between 160 000 oz and 170 000 oz at Mt Milligan.
Although the guidance for Mt Milligan, in British Columbia, Canada, is unchanged, Centerra cautioned that production is trending near the low end of the range.
Centerra kept its copper production guidance unchanged at between 60-million and 70-million pounds.
“The second quarter of 2023 was pivotal for Centerra, as we achieved several milestones that should contribute to stronger performance in the second half of the year. Most notably, at the end of May, we received approval from the Turkish Ministry of Environment for Öksüt’s amended environmental impact assessment. Having received these regulatory approvals, we restarted full operations at the mine in early June and produced 20 503 oz of gold within the month,” said president and CEO Paul Tomory.
Centerra’s 2023 consolidated gold production costs are expected to be $700/oz to $750/oz, reflecting the full restart of gold production at Öksüt, with lower unit costs expected during the second half of 2023.
Full-year gold production costs at Öksüt are expected to be $450/oz to $500/oz and the company has increased full-year gold production costs at Mt Milligan which are now expected to be $1 000/oz to $1 050/oz, up from $900/oz to $950/oz previously.
All-in sustaining costs on a by-product basis are expected to be $1 000/oz to $1 050/oz, including $650/oz to $700/oz at Öksüt and $1 125/oz to $1 175/oz at Mount Milligan, an increase from previous guidance of $1 075/oz to $1 125/oz.
Meanwhile, Centerra reported a net loss of $39.7-million, or $0.18 a share, and adjusted net loss of $42.3-million, or $0.20 a share, for the second quarter.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation