Centerra Gold looks to Mongolia for growth

Centerra Gold reported a profit of $71.1 million in the third quarter, more than double its earnings from the same time last year.

Centerra recently announced that it made a major gold deposit discovery in Mongolia. President and CEO Steve Lang tells BNN the company expects to release the initial resource estimate by the end of this year.

“We’ve proven up just a very narrow corner of the deposit – we’re very pleased with what we see. Obviously the investors like what they’re seeing on the drill results as well… We’re just in the early stages of finding out just how large this district will be,” he says.

Centerra expects to produce between 600,000-650,000 ounces of gold this year, mostly out of the Kumtor mine in the Kyrgyz Republic.

Source: BNN.ca