VANCOUVER — Producer Centerra Gold (TSX: CG) has been making headlines due to its negotiation with the Kyrgyzstani government over the ownership structure at its flagship Kumtor gold mine 350 km due southeast of the capital Bishkek, but even the socio-political turbulence can’t overshadow the company’s strong operational performances and emerging development opportunities in alternate jurisdictions.
On Feb. 19 Centerra released its full year results for 2013, with both Kumtor and its Boroo heap leach gold mine in Mongolia exceeding production guidance. Similar to 2012, Centerra registered the bulk of its production during the fourth quarter when it produced 362,200 oz of gold at all-in sustaining costs per ounce sold pegged at US$433 per oz. Full year output was 690,720 oz at all-in sustaining costs per ounce sold of US$818 per oz.
“Both operations performed well during the quarter, and we did better than guidance for the year for both production and costs. At Kumtor the operation had an excellent quarter as we mined and processed the high grade SB Zone ore,” commented COO Gordon Reid during a conference call, noting that Kumtor chipped in roughly 600,400 oz of gold during 2013 at all-in costs of US$775 per oz, with the mine cranking out around 348,000 oz during the fourth quarter …
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