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Centerra Gold Reports Third Quarter Results; Gold production of 54,134 ounces
TORONTO, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG and NYSE: CGAU) today reported its third quarter of 2022 re
About this update from Centerra Gold Inc.
[{"type":"text","content":" TORONTO, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG and NYSE: CGAU) today reported its third quarter of 2022 results. Significant financial and operating results of the third quarter ended September 30, 2022 included: Net loss for the quarter of $33.9 million or $0.14 per common share (basic), including a deferred income tax expense of $27.6 million. Adjusted lossNG for the quarter of $15.9 million or $0.06 per common share (basic). Cash used in operating activities for the quarter of $17.0 million, was primarily due to a suspension of gold room operations at the ADR plant at the Öksüt Mine. No gold ounces were sold at the Öksüt Mine in the period but cash used in operating activities was $18.0 million with continued mining and stacking of ore. Mount Milligan Mine generated cash provided by mine operating activities of $33.4 million during the quarter. Free cash flow deficitNG for the quarter of $35.5 million. Gold production for the quarter of 54,134 ounces, solely from the Mount Milligan Mine. At the Öksüt Mine, approximately 40,000 ounces were processed into stored gold-in-carbon inventory during the quarter, increasing the total stored gold-in-carbon inventory balance to approximately 100,000 recoverable ounces at the end of September. Copper production for the quarter of 19.0 million pounds. Gold production costs for the quarter of $729 per ounce. Copper production costs for the quarter of $1.51 per pound. All-in sustaining costs on a by-product basisNG for the quarter of $941 per ounce was impacted by no gold ounces sold at the lower cost Öksüt Mine during the quarter, but partially offset by higher gold production and lower capital expenditures at the Mount Milligan Mine. All-in costs on a by-product basisNG for the quarter of $1,376 per ounce due to higher exploration and project development costs incurred primarily at the Company’s Goldfield project and existing operating mines. Strong balance sheet with a cash position at the quarter-end of $580.8 million. Öksüt Mine’s leaching operations were suspended in August but mining, crushing and stacking activities continue. Following discussions with Turkish officials relating to the Öksüt Mine’s Environment Impact Assessment (“EIA”) the Company has ceased leaching ore on its heap leach pad and using activated carbon to p...