Jan 14 Centerra Gold Inc said its 2012
gold production totaled 387,076 ounces, down 40 percent from a
year ago on lower production from its Kumtor mine in Kyrgyzstan,
but expects to produce about 605,000 ounces to 660,000 ounces of
gold in 2013.
Toronto-based Centerra was forced to substantially cut its
2012 production outlook in November, as output at Kumtor was hit
by ice movement in the pit. Kumtor is Centerra's largest gold
"The year proved to be a challenging one beginning with the
unexpected acceleration of ice and waste into the central pit
(at Kumtor)," Chief Executive Ian Atkinson said in a statement
In 2011, Centerra had produced 642,380 ounces of gold.
The miner produced 219,316 ounces of gold, during the fourth
quarter of 2012, up from the 151,562 ounces produced, an year
Centerra also said it expects capital expenditures for 2013,
excluding capitalized stripping, to be $107 million.
Shares of the company, which has a market value of about
C$2.19 billion, closed at C$9.38 on Monday on the Toronto Stock
Exchange ahead of release of the production figures.