July 28, 2011 / 10:33 PM / in 6 years

UPDATE 1-Centerra Gold Q2 profit doubles on higher gold prices

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July 28 (Reuters) - Canadian gold miner Centerra Gold Inc’s quarterly profit more than doubled driven by higher gold prices.

The company, which owns gold properties in Kyrgyz Republic and Mongolia, reported a second-quarter net income of $71.1 million, or 30 cents a share, compared with $30.7 million, or 13 cents a share, a year ago.

Revenue rose 60 percent to $243.8 million.

Spot gold prices averaged about $1507.8 an ounce during April-June, up 26 percent since last year as looming debt problems in major economies boosted the interest in precious metal as a haven from risk.

The Toronto-based miner’s shares, which have risen 16 percent in value over the last six months, closed at C$18.63 on Thursday on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Don Sebastian)

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