Canada-headquartered Centerra Gold is on track for a strong finish to 2023, CEO Paul Tomory said on Wednesday, stating that the company will continue to generate significant free cash flow in the fourth quarter.
The miner, which is listed on the TSX and NYSE, reported net earnings of $60.6-million and adjusted net earnings of $44.4-million in the third quarter. Free cash flow of $144.5-million was reported for the September quarter.
“Centerra had a strong third quarter, with cash provided by mine operations of $144-million and $36-million, from Öksüt and Mount Milligan, respectively. In addition, the Langeloth Metallurgical Facility returned $17-million from the previous investment into working capital, all of which drove a substantial increase to our cash balance,” said Tomory.
He stated that Öksüt, in Türkiye, outperformed expectations, producing almost 87 000 oz in the quarter.
Centerra’s 2023 consolidated gold production guidance remained on track to be between 340 000 oz to 360 000 oz.
“We expect to continue to generate significant free cash flow in the fourth quarter, resulting in a higher cash balance by the end of the year. We remain on track for a strong finish to 2023.”