February 21, 2013 / 4:54 AM / 5 years ago

Centerra Gold posts loss on one-time charge

Feb 20 (Reuters) - Canadian miner Centerra Gold Inc reported a fourth-quarter loss on a one-time accounting charge and said it expected to incur closure costs related to underground operations at Kumtor during the first quarter of 2013.

The company reported a loss of $68 million, or 29 cents per share, compared with a profit of $79.4 million, or 34 cents per share, a year earlier.

On an adjusted basis the company earned $112.7 million, or $0.48 per share.

Revenue rose 48.6 percent to $368.5 million on higher gold prices and increases in gold sales.

The company took a one-time charge of $180.7 million related to the closure of the underground assets at Kumtor, as it focuses on expanding open pit operations there.

The Kumtor mine, which is the largest gold deposit operated in central Asia by a Western company, accounted for 12 percent of Kyrgyz gross domestic product and more than half of its exports in 2011.

Centerra produced 219,316 ounces of gold in the fourth quarter, up from the 151,562 ounces a year earlier.

Toronto-based Centerra, which is one-third owned by the Kyrgyzstan government, said it continued to expect capital expenditures for 2013, excluding capitalized stripping, to be $107 million.

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