Centerra Gold says delays hit Mongolia project

Jan 19 • Mining, News • 506 Views • No Comments on Centerra Gold says delays hit Mongolia project

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Centerra Gold Inc said it could not predict when it would start production at its Gatsuurt project in Mongolia due to continued delays in receiving permits and approvals.

The Toronto-based company said it expects total gold production of 635,000 ounces to 685,000 ounces for the full year. For 2011, the company produced 642,380 ounces of gold.

The company added that the outlook for 2012 does not include any production from the Gatsuurt project.

Centerra said pending discussion of the water and forest law amendment in the Mongolian parliament made it difficult to predict the timing of the start of production at the Gatsuurt project.

The company also expects gold production to be impacted by four days in the first quarter, due to scheduled mill maintenance.

Shares of the company closed at C$18.21 on the Toronto Stock Exchange.

Source: Reuters

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