Centerra posts loss, raises gold reserves at Kyrgyzstan mine

Thu Nov 8, 2012 10:25am EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Q3 loss $0.20/share vs year-ago profit $0.35

* Revenue falls 75 percent to $68.8 million

* Kumtor reserves up 58 percent, mine life extended

* Shares down 3.6 pct in morning trade

Nov 8 (Reuters) - Shares of Centerra Gold Inc fell on Thursday, a day after the Canadian gold miner reported a quarterly loss due to higher costs and sharply lower output at its Kumtor mine in Kyrgyzstan.

The Toronto-based miner increased its proven and probable reserves at the high-altitude gold mine by 58 percent, to 9.7 million ounces, extending Kumtor's mine life by five years.

Centerra shares were off 39 Canadian cents to C$10.42 in morning trade on the Toronto Stock Exchange.

Late Wednesday the company reported a net loss of $46.8 million, or 20 cents a share, for the quarter ended Sept 30, compared with earnings of $83.7 million, or 35 cents a share, in the year-earlier period.

Excluding an abnormal mining charge related to ice removal and other one-time items, the loss was 10 cents a share. On that basis, analysts' average forecast was a loss of 21 cents, according to Thomson Reuters I/B/E/S.   Continued...