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Monday, 3rd November 2008 (1542 views)

Centerra Gold has announced that its third-quarter profit for the three months to September 2008 rose significantly, boosted by increased production and higher gold prices.

According to the Canadian mining company, its earnings reached $16.9 million (£10.44 million) over the quarter, up from a net loss of $90.4 million on earnings of $4.8 million for the same period of 2007. Gold production rose over the quarter to 186,145 ounces from 136,461 ounces.

Centerra Gold is currently in negotiations with the government of Kyrgyzstan over its Kumtor mine project that could increase its concession in the country.

The company has also announced new joint-venture agreements to commence exploration in Russia and Turkey.

Stephen Lang, Centerra Gold president and chief executive, commented: "There will be a significant increase in gold production in the fourth quarter at Kumtor as we mine the higher-grades in the SB zone."

Toronto-based Centerra is 53 per cent owned by uranium mining firm Cameco and the company forecasts total production for 2008 of between 740,000 and 790,000 ounces, down slightly from an earlier prediction.

 

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