CENTERRA GOLD $13.85 (Toronto symbol CG; SI Rating: Speculative) (416-204-1953; www.centerragold.com; Shares outstanding: 216.3 million; Market cap: $3.0 billion) owns 100% of the large Kumtor gold mine in Central Asia and 95% of the Boroo gold mine in Mongolia. The two mines have proven reserves of over 7 million ounces. Centerra expects to report production from the two mines for 2007 of around 550,000 ounces. Cameco Corp. owns 40.5% of Centerra.
Centerra’s main exploration prospect is the 62%-owned REN project in Nevada. Its partner there is Barrick Gold, which operates mines nearby. Its other prospect is the 100%-held Gatsuurt property in Mongolia.
In the three months ended September 30, 2007, Centerra’s revenues rose 28.5%, to $98 million from $76.3 million. (All figures except share price in U.S. dollars.) Earnings were $0.02 a share, down from $0.05 a year earlier, mostly due to higher costs and an increased tax rate. Cash flow was $0.07 a share in the latest quarter, down from $0.10 a share.
Centerra’s focus on Central Asia and Mongolia entailsconsiderable political and operational risk. However, its long-term outlook is positive.
Centerra is still a buy.
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