* Q3 loss $0.20/share vs year-ago profit $0.35
* Revenue falls 75 percent to $68.8 million
* Kumtor reserves up 58 percent, mine life extended
* Shares down 3.6 pct in morning trade
Nov 8 Shares of Centerra Gold Inc fell
on Thursday, a day after the Canadian gold miner reported a
quarterly loss due to higher costs and sharply lower output at
its Kumtor mine in Kyrgyzstan.
The Toronto-based miner increased its proven and probable
reserves at the high-altitude gold mine by 58 percent, to 9.7
million ounces, extending Kumtor's mine life by five years.
Centerra shares were off 39 Canadian cents to C$10.42 in
morning trade on the Toronto Stock Exchange.
Late Wednesday the company reported a net loss of $46.8
million, or 20 cents a share, for the quarter ended Sept 30,
compared with earnings of $83.7 million, or 35 cents a share, in
the year-earlier period.
Excluding an abnormal mining charge related to ice removal
and other one-time items, the loss was 10 cents a share. On that
basis, analysts' average forecast was a loss of 21 cents,
according to Thomson Reuters I/B/E/S.
Revenue slumped 75 percent to $68.8 million as production
declined 72 percent to 42,723 ounces.
Lower grades, lower recoveries and reduced operations were
all factors in the production decline. Centerra also reported
far higher cash costs - $1,401 per ounce in the quarter compared
with $556 a year earlier.
The average realized gold price in the quarter fell slightly
to $1,667 from $1,705 in the year-ago quarter.