Centerra Gold Inc.‘s [CG-TSX] 100%-owned Öksüt gold mine located 295 km southeast of Ankara, south-central Turkey has achieved commercial production as of May 31, 2020. Since first gold pour on January 31, 2020, the Öksüt gold mine has continued to ramp up mining, crushing, stacking, irrigation of the heap leach pad, as well as the operation of the ADR plant and gold production.
Scott Perry, President and CEO, said: “Commercial production at Öksüt marks a major milestone for the company. Öksüt was delivered on time and under budget. Centerra now has three producing operations which are expected to generate meaningful free cash flow as we continue to deliver growth and value for shareholders.”
The Öksüt gold mine is an open pit heap leach operation with a heap leach staking rate of 11,000 tonnes per day. Life-of-Mine strip ratio is 2:1 (waste:ore). Annual Life-of Mine production will be 110,000 oz gold with an estimated 2020 production of 80,000 to 100,000 oz gold.
Estimated 2020 All-in sustaining costs are $650-700/oz. Proven and probable reserves are pegged at 1.3 million oz gold. Total construction capital was $200 million.
Centerra is a Canada-based gold-mining company focused on operating, developing, exploring and acquiring gold properties in North America, Asia and other markets worldwide, and is one of the largest Western-based gold producers in Central Asia.
At mid-moring trading, Centerra shares were up $0.08 cents to $12.44 on a volume of 671,000 shares traded.