Centerra Gold Inc. (TSX: CG) announced today its financial results for the third quarter of 2021. The mining firm saw quarterly revenue of US$220.6 million, down from Q3 2020’s revenue of US$251.2 million.
The firm also produced a total of 76,913 gold ounces for the quarter, down from its last year’s production of 101,266 gold ounces. A total of 75,721 gold ounces were sold during the quarter at an average realized gold price of US$1,542 per ounce.
Further down the financials, the firm notched a net income of US$27.6 million, a notable decrease from its last year’s net income of US$205.7 million which included a US$123.3 million net income from discontinued operations. The quarterly net earnings translate to US$0.09 per share.
The firm also ended the quarter with a cash balance of US$911.7 million, putting the balance of the current assets at US$1.2 billion. Meanwhile, current liabilities came in at US$193.9 million.
The Canadian firm is in the middle of an arbitration case against the Kyrgyzstan government regarding the contested Kumtor mine. The mining company relayed that the appointed arbitrator has resigned citing the refusal of the East Asian country to agree on granting the requested protection. The firm is currently requesting the arbitration court to appoint a replacement arbitrator.
Centerra Gold Inc. last traded at $9.71 on the TSX.
Information for this briefing was found via mining.com and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.