2021 Gold Production and Issues 2022 Guidance All figures are in United States dollars and all production figures are on a 100% basis and continuing operations basis, unless otherwise stated. This news release contains forward-looking information regarding Centerra Gold’s business and operations. See “Caution Regarding Forward-Looking Information”. All references in this document denoted with “NG” indicate a non-GAAP term which is discussed under “Non-GAAP Measures” and reconciled to the most directly comparable GAAP measure.
TORONTO, Jan. 18, 2022 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG and NYSE: CGAU) reports 2021 fourth quarter and full-year production and 2022 production and cost guidance.
2021 Fourth Quarter and Annual Highlights
- Gold production in the fourth quarter was 91,197 ounces including 59,529 ounces of gold produced by the Mount Milligan Mine and 31,668 ounces of gold produced by the kst Mine.
- Full year 2021 gold production was 308,141 ounces, at the upper end of guidance, including 196,438 ounces of gold produced by the Mount Milligan Mine and 111,703 ounces produced by the kst Mine.
- Copper production was 17.0 million pounds in the fourth quarter and 73.3 million pounds for the full year 2021, within the guidance range.
- 2021 Gold production costs per ounce is expected to be at the lower end of the guidance range of $600 to $650.
- 2021 All-in sustaining costs on a by-product basis per ounceNG (“AISC”) is expected to be below the lower end of guidance range of $700 to $750.
- 2021 All-in costs on a by-product basis per ounceNG (“AIC”) is expected to be below the lower end of guidance range of $850 to $900.
- 2021 Cash provided by operating activities is expected to be at the upper end of the guidance range of $200 to $250 million.
- 2021 Free cash flowNG is expected to be at the upper end of the guidance range of $125 to $175 million.
- 2021 kst related income tax guidance has been revised to an expected current tax expense range of $35 to $45 million.
2022 Guidance Highlights
- Gold production of 400,000 to 450,000 ounces, including 190,000 to 210,000 ounces at the Mount Milligan Mine and 210,000 to 240,000 ounces at the kst Mine.
- Copper production of 70 to 80 million pounds, reduced from previous guidance (90 to 100 million pounds) due to planned mine sequence changes at the Mount Milligan Mine.
- Gold production costs per ounce - $500 to $550, AISC on a by-product basis per ounceNG - $600 to $650, AIC on a by-product basis per ounceNG - $700 to $750.
- Total capital spending of $95 to $105 million.
- Cash provided by operating activities of $300 to $350 million.
- Free cash flowNG of $200 to $250 million.
- Exploration expenditures of $35 to $45 million including exploration at our Mount Milligan ($12 million) and kst Mines ($5 million).
- New Mount Milligan technical report expected in the second quarter.
- Updated 3 Year Outlook targeted to be issued in the second quarter. The previously issued 2023 guidance is currently under review pending the release of the new Mount Milligan technical report.
Scott Perry, President and Chief Executive Officer of Centerra, said: “Our Mount Milligan and kst Mines paved the way for our strong operating performance in 2021, enabling us to achieve the upper end of our gold production guidance. At the same time, our gold production costs per ounce and all-in sustaining costs on a by-product basis per ounceNG are expected to be at the lower end and below their respective 2021 guidance ranges. In the year ahead, we expect to see continued strong operational performance at Mount Milligan and kst, with increased gold production levels and significant generation of cash provided by operating activities and free cash flowNG.”
https://www.globenewswire.com/news-release/2022/01/18/2368287/0/en/Centerra-Gold-Reports-2021-Gold-Production-and-Issues-2022-Guidance.html