Centerra Gold Inc. (TSX:CG) released its year-end and fourth-quarter results for 2012, commenting that it recorded a net loss of $68 million, or $0.29 per share, during Q4. That’s compared to net earnings of $79.4 million for the year-ago quarter.
According to the press release, highlights of the results include:
- Increased reserves at Kumtor by 58% with the new KS-13 life-of-mine plan.
- Replaced reserves, proven and probable gold reserves now total 11.1 million ounces of contained gold.
- Agreed to acquire the remaining 30% interest for 100% ownership of the Oksut gold project in Turkey, which subsequently closed in January 2013.
- Reported initial resource estimate on the Oksut gold project of indicated resources of 682,000 contained ounces and inferred resources of 477,000 ounces of contained gold.
- Started up the heap leach operation at the Boroo mine.
- Signed a new two year Collective Bargaining Agreement at the Kumtor mine. The new Agreement expires at the end of December 2014.
- Produced 219,316 ounces of gold in the quarter, including 189,438 ounces at Kumtor and 29,878 ounces at Boroo.
- Increased revenues to $368.5 million compared to $248.0 million in the same quarter of 2011.