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Centerra Gold's gold output nearly halves YOY in Q1'16

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Centerra Gold's gold output nearly halves YOY in Q1'16

Centerra Gold Inc.said May 3 that its consolidated gold output totaled 86,444 ounces in the firstquarter, nearly half of the 170,683 ounces produceda year earlier.

The production drop reflects the processing of lower-grade ouncesand recoveries at the Kumtormine in Kyrgyzstan, compared with the higher-grade feed being processed throughthe mill in the same period in 2015.

The company sold 61,744 ounces of gold in the quarter, whichwas 24,700 ounces less than production due to a delay in gold shipments to Kyrgyzaltyn.This resulted in the accumulated gold doré inventory of 33,165 ounces at Kumtor.

However, at the end of April, all gold doré inventory was shippedand sold to Kyrgyzaltyn.

All-in sustaining cost-per-ounce sold increased to US$1,015 fromUS$718, due in part to lower ounces sold.

The 65% drop in gold ounces sold and 4% slide in average realizedgold price weighed down on Centerra's net earnings for the quarter, which fell toUS$18.1 million, or 8 cents per share, from US$40.7 million, or 17 cents per share.

The board authorized a quarterly dividend of 4 cents per commonshare, the same as the previous year, or C$9.7 million, payable June 2.