Centerra Gold Inc. Posted Robust Gold Output in Q2

SEATTLE (Scrap Monster): Centerra Gold Inc. reported its results for second quarter of the current year.

The company reported net earnings of $80.7 million or $0.27 per common share, whereas the adjusted net earnings totalled $97.8 million or $0.33 per common share. The cash flow from operations during the quarter was $268.1 million. The combined free cash flow from all the mines totalled $169.1 million in the second quarter of 2020. Centerra Gold finished the quarter with cash of $212.2 million, with no outstanding debt.

Centerra Gold reported gold production of 219,692 ounces. The production cost of gold sold during Q2 was $410 per ounce. Also, the all-in sustaining costs on a by-product basis per ounce sold were $804 per ounce.

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The company recognized net earnings of $100.8 million and adjusted net earnings of $144.3 million in the first half of 2020, compared to net earnings and adjusted net earnings of $83.8 million in the first half of 2019. The consolidated gold sales in the initial half of the current year totalled 420,797 ounces.

Centerra maintained its 2020 guidance for gold production and all-in sustaining costs per ounce sold. Meantime, it revised its guidance for capital spending to $192 million, as compared with the initial guidance of $169 million.

Scott Perry, President and Chief Executive Officer of Centerra stated that the strong operating performance at Kumtor and Mount Milligan continued into this quarter. Also, the company’s Oksut Mine achieved commercial production during the quarter, he added.