CENTERRA GOLD $5.30 (Toronto symbol CG; SI Rating: Speculative) (416-204-1953; www.centerragold.com; Shares outstanding: 216.3 million; Market cap: $1.1 billion) owns 100% of the large Kumtor gold mine in Kyrgyzstan and 100% of the Boroo gold mine in Mongolia.
Centerra also holds joint-venture exploration prospects in Nevada, Turkey and Russia, and 100% of the Gatsuurt property in Mongolia. Cameco Corp. owns 53% of Centerra.
In the three months ended December 31, 2008, Centerra’s revenues rose 170%, to $241.3 million from $89.4 million. (All figures except share price in U.S. dollars.) Earnings, excluding one-time items, were $0.20 a share, compared to a loss of $0.12 a share a year earlier. Cash flow was $0.48 a share in the latest quarter. Centerra holds cash of $167.4 million, or $0.77 a share, and has no debt.
The improved results were mostly the result of higher production at the Kumtor mine. Centerra’s total production rose 114.3%, to 284,045 ounces in the latest quarter, from 132,530 ounces a year earlier. The company expects to report 2009 production from the two mines of between 720,000 and 770,000 ounces.
Centerra continues to negotiate with the Kyrgyz government over the size of its stake in the Kumtor mine, as well as the mine’s tax regime. It believes these negotiations will result in an acceptable investment agreement. Meanwhile, gold production at Kumtor continues uninterrupted.
Centerra’s focus on Central Asia and Mongolia entails considerable political and operational risk. However, its long-term outlook is positive.
Centerra is still a buy.
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