Centerra Gold (CGAU)
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Centerra Gold (CGAU) - 2021 Q3 - Earnings Call Transcript
2021-11-05 16:33
Centerra Gold Inc. (NYSE:CGAU) Q3 2021 Earnings Conference Call November 5, 2021 9:00 AM ET Company Participants John Pearson – Vice President-Investor Relations Scott Perry – President and Chief Executive Officer Dan Desjardins – Chief Operating Officer Darren Millman – Chief Financial Officer Conference Call Participants Trevor Turnbull – Scotiabank Anita Soni – CIBC World Markets Dalton Baretto – Canaccord Fahad Tariq – Credit Suisse Anita Soni – CIBC World Markets Operator Greetings, and welcome to the ...
Centerra Gold (CGAU) - 2021 Q3 - Quarterly Report
2021-11-04 16:00
EXHIBIT 99.1 Centerra Gold Records Third Quarter Net Earnings of $27.6 million ($0.09 per common share), Adjusted Net EarningsNG of $35.7 million ($0.12 per common share), Cash Provided by Operating Activities of $62.4 million and Free Cash FlowNG of $41.0 million All figures are in United States dollars and all production figures are on a 100% basis and continuing operations basis, unless otherwise stated. This news release contains forward-looking information regarding Centerra Gold's business and operati ...
Centerra Gold (CGAU) - 2021 Q2 - Earnings Call Transcript
2021-08-10 16:57
Centerra Gold Inc. (NYSE:CGAU) Q2 2021 Earnings Conference Call August 10, 2021 9:00 AM ET Company Participants John Pearson - VP, IR Scott G. Perry - President and CEO Darren J. Millman - VP and CFO Daniel R. Desjardins - VP and COO Conference Call Participants Trevor Turnbull - Scotiabank Michael Siperco - RBC Capital Markets Anita Soni - CIBC World Markets Michael Jalonen - Bank of America Merrill Lynch Operator Greetings and welcome to the Centerra Gold 2021 Second Quarter Results Conference Call. Durin ...
Centerra Gold (CGAU) - 2021 Q2 - Earnings Call Presentation
2021-08-10 13:59
。 Mount Milligan DELIVER ON RESULTS Öksüt 2021 Second Quarter Results Conference Call – August 10, 2021 TSX: CG NYSE: CGAU www.centerragold.com Senior Management Participants | --- | --- | --- | --- | |-------|----------------------------------------------------|----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | Industry Experience | Background | | | SCOTT PERRY ...
Centerra Gold (CGAU) - 2020 Q4 - Earnings Call Transcript
2021-02-25 04:26
Financial Data and Key Metrics Changes - Centerra Gold reported a strong year in 2020, with gold output of 824,000 ounces, exceeding guidance, and an all-in sustaining cost of $729 per ounce, which was below guidance [8][10] - The company generated operating cash flow of $930 million and free cash flow of $604 million, with Kumtor contributing $438 million and Mount Milligan $159 million [10][23] - The company finished the year with a debt-free balance sheet and cash reserves of $545 million [11][24] Business Line Data and Key Metrics Changes - Kumtor mine produced significant gold output, with a reserve increase to 6 million ounces and a 15% increase in reserve grade [12][44] - Mount Milligan produced 82.8 million pounds of copper, contributing to the overall strong performance [8] - Öksüt mine, in its first year of operations, generated $105 million in positive free cash flow [10] Market Data and Key Metrics Changes - The company provided guidance for 2021, expecting gold production of 780,000 ounces and copper production of 75 million pounds, with free cash flow projected between $350 million and $400 million [21][28] - The guidance assumes a gold price of $1,750 per ounce, indicating a robust outlook for cash flow generation [22][28] Company Strategy and Development Direction - Centerra Gold is focused on extending the mine life at Kumtor by five years, now projected to operate until 2031, which is expected to enhance profitability [20][41] - The company aims to maintain low operating costs, with all-in sustaining costs expected to remain competitive [19][82] - The company is committed to ESG principles and has made significant progress in safety and environmental management [15][54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate strong cash flows and maintain a solid balance sheet despite market fluctuations [10][30] - The management highlighted the importance of ongoing exploration and development to sustain production levels and enhance resource estimates [40][96] Other Important Information - The company divested its 50% share in the Greenstone Gold Mines Partnership for $200 million, with potential additional payments of up to $75 million [9] - Centerra Gold is a member of the World Gold Council and is working towards compliance with responsible gold mining principles [17] Q&A Session Summary Question: What are the expectations for gold production in 2021? - The company expects gold production to reach 780,000 ounces, with contributions from Kumtor, Mount Milligan, and Öksüt [21][25] Question: How does the company plan to manage costs moving forward? - The company aims to maintain competitive all-in sustaining costs and is focused on operational efficiencies to enhance margins [19][82] Question: What are the implications of the new life of mine plan for Kumtor? - The new plan extends the mine life to 2031, increases reserves significantly, and is expected to generate substantial cash flow [20][41]
Centerra Gold (CGAU) - 2020 Q4 - Earnings Call Presentation
2021-02-24 19:25
Kumtor n 88 Mount Milligan Öksüt BUILT FOR SUCCESS 2020 Fourth Quarter and Year-End Results Conference Call - February 24, 2021 TSX: CG www.centerragold.com Caution Regarding Forward-Looking Information Information contained in this document which are not statements of historical facts, and the documents incorporated by reference herein, may be "forward-looking information" for the purposes of Canadian securities laws. Such forwardlooking information involves risks, uncertainties and other factors that coul ...
Centerra Gold (CGAU) - 2020 Q3 - Earnings Call Transcript
2020-11-04 17:46
Financial Data and Key Metrics Changes - Centerra Gold recorded net earnings of $205.7 million, or $0.70 per share, for Q3 2020, reflecting strong profitability [18][47] - The company generated $281 million in positive free cash flow during the quarter, contributing to a year-to-date total of $527 million [19][49] - The cash balance at the end of the quarter was $484 million, with no corporate debt outstanding, resulting in a net cash position [20][50] Business Line Data and Key Metrics Changes - Gold production for the quarter was 241,484 ounces, with Oksut contributing 51,412 ounces, Kumtor producing 140,000 ounces, and Mount Milligan producing 49,854 ounces [29][30][34] - The all-in sustaining cost (AISC) for the company was $528 per ounce, with Kumtor at $639 per ounce, Mount Milligan at $165 per ounce, and Oksut at $416 per ounce [48][49] - Oksut mine generated $74 million in free cash flow during its first full quarter of commercial production [39][49] Market Data and Key Metrics Changes - The average gold price realized during the quarter was $1,807 per ounce, while copper was $2.43 per pound [46] - The company sold 238,000 ounces of gold and 21.7 million pounds of copper during the quarter [46] Company Strategy and Development Direction - Centerra Gold is focused on maintaining production guidance for 2020 at 740,000 to 820,000 ounces of gold, while targeting the upper end of this range [52][55] - The company has reduced its AISC guidance for Mount Milligan and Oksut, reflecting effective cost control and favorable operational conditions [51] - The company is committed to advancing its exploration programs and maintaining strong operational performance despite uncertainties in the global environment [67] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of optimizing operations and maximizing production, particularly in light of the economic challenges posed by the COVID-19 pandemic [65][68] - The company is cautious about future capital allocation and dividend decisions, with ongoing discussions at board meetings to assess the situation [72][73] Other Important Information - Centerra Gold achieved a significant safety milestone at Oksut, reaching 3 million hours of lost time incident-free operations [8] - The company is a signatory to the World Gold Council's responsible gold mining principles and is making progress in implementing these principles across its operations [14] Q&A Session Summary Question: Update on Kumtor's mining rates and production outlook - Management indicated that mining rates have been impacted by longer hauls and workforce availability, but production numbers for next year are expected to be similar to previous forecasts [60][62] Question: Investments in Kyrgyzstan during the political transition - Management is focused on optimizing operations and maximizing production, emphasizing their role as a significant tax contributor to the country [65][66] Question: Cash balance in Kyrgyzstan - The company maintains minimal cash in-country, with local requirements being met from a New York bank account [69] Question: Future capital allocation and dividend updates - The board will continue to discuss dividend distribution and capital allocation in light of ongoing uncertainties [72][73] Question: Update on life of mine plans and ESG initiatives - Management expects to publish the life of mine update by the end of February 2021 and highlighted ongoing community support initiatives during the pandemic [76][79]
Centerra Gold (CGAU) - 2020 Q3 - Earnings Call Presentation
2020-11-04 15:26
Kumtor Mount Milligan Öksüt centerragolo n a tax BUILT FOR SUCCESS Third Quarter Results Conference Call November 4, 2020 TSX: CG www.centerragold.com Senior Management Participants SCOTT PERRY +23 years President and Chief Executive Officer DAN DESJARDINS Chief Operating Officer +30 years • Appointed Chief Operating Officer in January 2020 • Joined Centerra Gold in 2015 DARREN MILLMAN Chief Financial Officer +22 years • Appointed Chief Financial Officer in April 2016 • Joined Centerra Gold in 2013 YOUSEF R ...
Centerra Gold (CGAU) - 2020 Q2 - Earnings Call Transcript
2020-07-31 20:28
Financial Data and Key Metrics Changes - The company reported net earnings of $80.7 million for Q2 2020, equating to $0.27 per share, with adjusted earnings after excluding non-cash adjustments at $97.8 million, or $0.33 per share [12][40]. - Cash provided by operations was strong at $268 million, leading to a free cash flow generation of $169 million for the quarter [12][42]. - The company finished the quarter with a debt-free balance sheet and a net cash position of $212 million, with total liquidity of $712 million [14][43]. Business Line Data and Key Metrics Changes - Gold production for the quarter was 219,692 ounces, with an all-in sustaining cost of $804 per ounce [26][41]. - Kumtor produced 173,245 ounces of gold at an all-in sustaining cost of $696 per ounce, while Mount Milligan produced 35,656 ounces at $679 per ounce, and Öksüt produced 10,791 ounces at $537 per ounce [27][33][42]. - All operations generated positive free cash flow, with Kumtor contributing $156.9 million, Mount Milligan $34 million, and Öksüt $5 million [13][29][42]. Market Data and Key Metrics Changes - The average realized gold price during the quarter was $1,620 per ounce, with copper at $2.06 per pound [38]. - Gold ounces sold increased by 10% compared to the prior year quarter, with a slight increase in copper sales [39]. Company Strategy and Development Direction - The company maintained its full-year gold production guidance between 740,000 ounces to 820,000 ounces for 2020, with expectations of increased production from Öksüt as it ramps up [44][45]. - A focus on capital allocation was highlighted, with discussions on how to utilize the growing cash reserves effectively [104]. Management Comments on Operating Environment and Future Outlook - Management noted that all operations remained virus-free during the COVID-19 pandemic, and the company has implemented strong safety measures [8][9]. - The company expects continued strong free cash flow generation and profitability due to rising gold prices and operational efficiencies [12][17]. Other Important Information - The company increased its quarterly dividend by 25% to $0.05 per share, reflecting confidence in its financial position [16][46]. - The company is planning to release an updated 43-101 technical report for Kumtor in the fall of 2020, which is expected to showcase an extended mine life [51][52]. Q&A Session Summary Question: Sustainability of elevated grade profile at Kumtor - Management indicated that while the grade will lower in the second half, they have flexibility in blending high, medium, and low-grade ores to maximize recoveries [60][62]. Question: Cost improvements at Mount Milligan - The improvements are attributed to operational efficiencies, lower diesel prices, and a streamlined organizational structure [64]. Question: Implications of COVID-19 on 2021 production profile - Management confirmed that 2021 production is expected to be consistent with original plans, despite not mining any ore in 2020 [73][76]. Question: Long-term water solution for Mount Milligan - There are no major milestones expected in the short term, but the company is working on expanding current water sources [92]. Question: Capital allocation strategy - The board is actively discussing capital allocation strategies, including potential investments and maintaining a strong liquidity position [104].
Centerra Gold (CGAU) - 2020 Q2 - Earnings Call Presentation
2020-07-31 13:37
Kumtor Mount Milligan Öksüt centerragolo n a tax BUILT FOR SUCCESS Second Quarter Results Conference Call July 31, 2020 TSX: CG www.centerragold.com Senior Management Participants Industry Experience Background SCOTT PERRY +23 years President and Chief Executive Officer • Appointed Chief Executive Officer in November 2015 • President and Chief Executive Officer in January 2018 • Former Chief Executive Officer at AuRico Gold DAN DESJARDINS Chief Operating Officer +30 years • Appointed Chief Operating Officer ...