Centerra Gold Inc. (Centerra) and Kumtor Gold Company report that
Gold production at the Kumtor mine was
– 600,402 ounces* or 18,674.6 kg for the full year 2013;
– 348,130 ounces or approximately 10,828.1 kg in the fourth quarter of 2013.
The 2013 production guidance was achieved due to mining carried out in the high-grade SB Zone of the Central Pit.
Outlook for 2014
According to preliminary estimates, the Kumtor mine will produce between 550,000 and 600,000 ounces or 17.1 to 18.7 tonnes of gold in 2014 and, similar to 2013, over 50% of this gold production is expected during the fourth quarter when mining will reach the high-grade section of the SB Zone.
The projected capital expenditures for 2014, excluding capitalized stripping, are estimated to be $85 million** of which $42 million will be spending on sustaining capital***, including the major overhaul maintenance of the mine equipment, purchase of ball mill girth gear, tailings dam construction raise and other items. Growth capital*** investment at Kumtor is forecast at $43 million and includes the relocation of certain infrastructure at Kumtor related to the KS-13 life-of-mine expansion plan, dewatering projects and purchase of new mining equipment.
Capitalized stripping costs (cash) are expected to be $191 million in 2014.
All-in costs including all capital expenditures and taxes per ounce sold are forecast between $1,008 and $1,100***.
Additional information on Centerra and the full text of the news release on the 2013 results are available on SEDAR at www.sedar.com and the corporate website at www.centerragold.com. Information on Kumtor Gold Company is available at www.kumtor.kg
* – One Troy ounce equals to 31.10348 grammes.
** – Unless specified otherwise, all dollar figures in this news release are in US dollars.
*** – Non-GAAP measure, see discussion under “Non-GAAP Measures” in Centerra’s news release dated January 13, 2014.