Centerra Gold posts quarterly profit, boosted by Kumtor mine

Wed Jul 31, 2013 7:28pm EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

July 31 (Reuters) - Centerra Gold Inc posted a profit in the second quarter, compared with a loss a year earlier, helped by higher gold production at its flagship Kumtor mine that partially offset weaker gold prices.

Centerra runs Kyrgyzstan's flagship Kumtor mine, the largest gold venture run by a Western company in former Soviet Central Asia. Kumtor alone has accounted for as much as 12 percent of Kyrgyzstan's gross domestic product in recent years.

The Canadian gold miner raised its annual consolidated gold production outlook to a range of 615,000 to 675,000 ounces.

Net income was $1.6 million, or 1 cent per share, in the second quarter, compared with a net loss of $48.9 million, or 21 cents per share, a year earlier.

Gold production at the Kumtor mine rose to 72,365 ounces in the second quarter from 41,307 ounces a year earlier.