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Centerra forsees 2013 production rebound: CEO

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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.”
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