Centerra Gold Cuts 2021 Gold Output Guidance

SEATTLE (Scrap Monster): Centerra Gold Inc. reported its second quarter 2021 results. The company cut its gold production outlook for the current year on uncertainties over restart of operations at the seized Kumtor Gold Mine in the Republic of Krygyzstan.

The earnings from continuing operations were $33.0 million or $0.11 per common share, whereas the adjusted earnings from continuing operations stood at $49.9 million or $0.17 per common share. The company reported net loss of $851.7 million, which includes net loss from discontinued operations of $884.7 million.

The free cash flow from continuing operations totalled $30.7 million. The total liquidity as at the end of the quarter was $1,282.9 million.

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The seizure of Kumtor Mine by the Kyrgyz Republic Government in May this year has forced the company to update its consolidated full-year 2021 guidance and three-year outlook. As per the revised outlook, it expects consolidated gold production to range between 270,000 and 310,000 ounces in 2021, 380,000 and 430,000 ounces in 2022 and 380,000 and 430,000 ounces in 2023.

Scott Perry, President and Chief Executive Officer of Centerra noted that the company continues to be financially and operationally strong. It remains on track to achieve 2021 production and cost guidance at its Mount Milligan and Öksüt Mines, he added.