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Centerra raises FY'17 gold production guidance on bumper Q2 output

Centerra Gold Inc. is now expecting higher production for the full year after boosting output in the second quarter due to higher grades from its Kumtor mine in Kyrgyzstan.

The Toronto-based producer said July 31 that it has lifted its full-year guidance to between 785,000 and 845,000 ounces from between 715,000 and 795,000 ounces previously.

Second-quarter gold production from the Kumtor mine was 42% higher year over year at 138,623 ounces, which took total gold production for the quarter to 195,719 ounces from 97,724 ounces in the second quarter of 2016.

Total gold sales climbed 47% during the quarter to 188,225 ounces compared to a year earlier.

Meanwhile, second-quarter copper production and sales from the Mount Milligan mine in British Columbia totaled 15.1 million pounds and 14.4 million pounds, respectively.

Net earnings jumped 715% to US$23.4 million, or 8 cents per share, after earnings from operations spiked to US$24.2 million from US$1.3 million in the second quarter of 2016.

Revenue rose 74% year over year to US$279.2 million during the quarter.

Centerra has also revised its all-in sustaining cost guidance down to between US$693 and US$747 per ounce sold due to forecast lower costs at the Kumtor operation.