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Centerra forsees 2013 production rebound: CEO

Centerra Gold says it will continue to operate at the same levels despite cutting its 2012 production forecast at its mine in Kyrgyzstan.

CEO Stephen Lang says this will mean a return to 2007-2008 production levels. “We see this as temporary, and we will rebound again next year.”

Accelerated ice movement at the Kumtor mine in Kyrgyzstan prompted Centerra’s decision. A ten-day strike by mine workers also contributed to lost production.

Production at the mine accounts for about 12 percent of Kyrgyz gross domestic product. The state’s government is also a part-owner of Centerra. 

The company had previously forecast producing 575,000 to 625,000 ounces of gold. “We’ll still see quite a few ounces come out of the pit. However, it’s too late in the year to run all that through the mill this year.” CTV Two CTV News CTV News Channel BNN - Business News Network CP24