{"id":1199222,"date":"2020-07-31T12:19:06","date_gmt":"2020-07-31T17:19:06","guid":{"rendered":"https:\/\/www.mining.com\/?p=1031461"},"modified":"2020-07-31T12:19:06","modified_gmt":"2020-07-31T17:19:06","slug":"centerra-q2-profits-surge-dividend-raised","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1199222","title":{"rendered":"Centerra Q2 profits surge, dividend raised"},"content":{"rendered":"

Centerra Gold (TSX: CG) announced on Friday<\/a> that the company recorded net income of $80.7 million or $0.27 per share for the second quarter of 2020, more than double the $33.4 million or $0.11 per share earned in the prior year.<\/p>\n

Adjusted net earnings came to $97.8 million or $0.33 per share, compared with $33.4 million or $0.11 per share in Q2 2019.<\/p>\n

Revenues rose to $412.7 million from $340.5 million as the company produced 219,692 ounces of gold and 19.1 million pounds of copper at costs of $410\/oz gold and $1.20\/lb copper sold.<\/p>\n

The Q2 2020 results exceeded estimates<\/a>, as Centerra was expected to post adjusted earnings of $0.22 per share on $368.9 million in revenues, according to financial markets data firm Refinitiv.<\/p>\n

During the three-month period, Centerra generated $268.1 million in cash flow from operations, ending the quarter with $212 million in cash position and total liquidity of $712 million. The company received an additional cash boost at the end of May, when its \u00d6ks\u00fct mine in Turkey reached<\/a> <\/a>commercial production<\/a>, generating operating cash flow of $13.5 million and free cash flow of $5.0 million.<\/p>\n

Production and cost guidance for the full year remains unchanged, and the company expects to release a technical report for the Kumtor mine in the Kyrgyz Republic this fall.<\/p>\n

Concurrent with releasing its Q2 earnings, the Canadian-based miner is also raising its quarterly dividend by 25% to C$0.05 per common share. <\/p>\n

The decision was made based on its strong operating performance and the higher gold price environment, the company said in a press release<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The miner recorded net income of $80.7 million or $0.27 per share for Q2 2020, more than double the previous year’s profits.<\/p>\n","protected":false},"author":88,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[949,369,4,2640],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1199222"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/88"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1199222"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1199222\/revisions"}],"predecessor-version":[{"id":1199265,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1199222\/revisions\/1199265"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1199222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1199222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1199222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}