Centerra Gold Inc. (Centerra) and Kumtor Gold Company (KGC) have summed up their operating results in the second quarter of 2017. In the first six months of 2017, KGC produced 266,023 ounces or 8274.25 kg of gold and contributed more than 4.7 billion soms in taxes and mandatory payments.
During the second quarter of 2017, Kumtor produced 138,623 ounces of gold compared to 97,724 ounces in the comparative period of 2016. The increase in ounces is a result of processing higher grade ore from stockpiles, which were mined in the Central pit in cut-back 17 in previous years, compared to the lower grade ore mined and processed from the initial benches in cut-back 17 during the comparative period. During the second quarter of 2017, Kumtor’s average mill head grade was 3.53 g/ton with a recovery of 79.3%, compared to 2.63 g/ton and a recovery of 71.9% for the same period of 2016.
Gold sales in the second quarter of 2017 were 135,235 ounces, or 4.21 tons. Total revenues from gold sales in the second quarter of 2017 were $168.6 million.
The Dore bars produced by the Kumtor mine are purchased by Kyrgyzaltyn JSC for processing at the Kara-Balta refinery pursuant to a Gold and Silver Sales Agreement signed by KGC, Kyrgyzaltyn and the government of the Kyrgyz Republic. Kyrgyzaltyn JSC enjoys the exclusive right to sell refined gold and silver both in and outside the Kyrgyz Republic.
During the second quarter of 2017, contributions to the national budget in taxes, deductions to the Social Fund and other mandatory payments totaled 2.5 billion soms.
Scott Perry, CEO of Centerra Gold: “During the second quarter we continued to deploy our company-wide safety leadership program “Work Safe, Home Safe” to all our sites, but as we reported in the first quarter report this was overshadowed by a fatality in early April at Kumtor. With our second quarter earnings release, the company increased its gold production guidance for Kumtor for the year to 525,000 – 555,000 ounces. We also lowered our expected all-in sustaining cost guidance at Kumtor to $751 to $795 per ounce sold. We are well positioned to achieve our revised gold production and cost guidance for the year, ranking the company in the bottom quartile on the global gold producers All-In Sustaining Cost curve.” (24.kg/Ukrainian metal)
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