Centerra Gold's 2024 Q3 Overview: Steady Production Growth
Centerra Gold's Q3 2024 Financial Report
TORONTO, on October 31, 2024 - Centerra Gold Inc. (TSX: CG) reported its financial and operational results for the third quarter of 2024. The company continues to display strong performance amid favorable metal prices.
Key Operations and Production Figures
In the third quarter, Centerra's total gold production reached 93,712 ounces. This impressive output included 42,993 ounces from the Mount Milligan Mine and 50,719 ounces from the Öksüt Mine. Copper production also contributed significantly, totaling 13.7 million pounds.
Sales Performance
During the same period, gold sales amounted to 96,736 ounces, achieving an average realized price of $2,206 per ounce, which marks a 16% increase compared to the previous quarter. Similarly, copper sales reached 14.2 million pounds, with an average price of $3.37 per pound, indicating a 21% rise from the previous quarter.
Cost Management and Capital Expenditures
Centerra reported consolidated gold production costs of $973 per ounce for Q3, with all-in sustaining costs (AISC) at $1,302 per ounce. These costs reflect a robust approach to managing production expenses, with a steady guidance expected to remain between $800 and $900 for production costs and $1,075 to $1,175 for AISC for the full year.
Investment in Growth
Capital investments in property, plant, and equipment reached $79.7 million, with an additional $35.3 million allocated towards sustaining capital expenditures. This expenditure supports various enhancements at both Mount Milligan and Öksüt, which are essential for sustaining production levels and optimizing operations.
Financial Performance and Dividends
Net earnings for the third quarter totaled $28.8 million or $0.14 per share, while adjusted net earnings were $38.6 million or $0.19 per share. Centerra's focus on returning value to shareholders is reflected in the $12 million spent on share buybacks and a quarterly dividend declaration of C$0.07 per common share.
Future Outlook and Strategic Plans
Looking ahead, Centerra is actively pursuing its strategic plan. Notably, the company announced advancements at the Mount Milligan Mine, including a preliminary economic assessment aimed at unlocking further value. Expectations are set high for 2025 as the work progresses on future resource estimates for Goldfield.
Molybdenum Business Focus
Additional developments in the Molybdenum Business Unit include the restart of operations at the Thompson Creek Mine, slated to enhance production capabilities and financial outcomes. This aligns with Centerra's goal to leverage existing resources for greater efficiencies.
Frequently Asked Questions
What were the total gold production numbers for Q3 2024?
Total gold production for Centerra Gold in Q3 2024 was 93,712 ounces.
How much cash flow did Centerra generate?
Centerra generated $40.2 million in cash flow from operations in Q3 2024.
What is the outlook for production costs?
Production costs for the full year are expected to remain between $800 and $900 per ounce for gold.
What are the significant investments made in Q3 2024?
Centerra invested approximately $79.7 million in property, plant, and equipment, plus $35.3 million in sustaining capital expenditures.
Is there a dividend declared for shareholders?
Yes, Centerra declared a quarterly dividend of C$0.07 per common share for its shareholders.
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