The Canadian Press - ONLINE EDITION

Centerra Gold posts US$31.7-million loss, including inventory writedown at Kumtor

  • Print

TORONTO - Centerra Gold Inc. (TSX:CG) reports it had a US$31.7-million net loss in the second quarter, citing a number of factors including lower gold prices and a US$14.1-million inventory charge at its Kumtor operation in Kyrgyz Republic.

The loss, reported in U.S. currency, amounted to 13 cents per share and compared with a year-earlier profit of one cent per share or US$1.6 million.

Revenue was down seven per cent to US$119.5 million, from US$128.2 million in the second quarter of 2013.

The average price that Centerra got for its gold during the quarter was also down seven per cent, falling to US$1,285 per ounce from US$1,376 per ounce.

The Toronto-based company said Tuesday after markets closed that the inventory writedown at Kumtor, its biggest operation, reflected the difference between the cost of its stockpiles and the amount that it Centerra believes it could realize after further processing and sale of the gold.

Centerra produced 92,124 ounces of gold in the quarter, including 77,860 ounces at Kumtor and 14,265 ounces at its Boroo operation, compared to 99,426 ounces in the same period in 2013.

All-in costs per ounce sold, which excludes revenue-based tax in the Kyrgyz Republic and income taxes, was $1,722 for the quarter compared with $1,708 for the second quarter of 2013.

Centerra's corporate administration costs also increased, rising to $11.8 million from $7.2 million a year earlier, due to higher share-based compensation. The share-based compensation in the latest quarter was $5.3 million, up from $200,000 in the same period of 2013.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

HSC ready for Ebola

View more like this

Photo Store Gallery

  • Two Canada geese fly Wednesday afternoon at Oak Hammock Marsh- Front bird is banded for identification- Goose Challenge Day 3- - Apr 30, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)
  • PHIL.HOSSACK@FREEPRESS.MB.CA 101130-Winnipeg Free Press Columns of light reach skyward to the stars above Sanford Mb Tuesday night. The effect is produced by streetlights refracting through ice crystals suspended in the air on humid winter nights. Stand Up.....

View More Gallery Photos

Poll

Will you get out and vote for a new mayor and council?

View Results

View Related Story

Ads by Google