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Message: Cameco spun off Centerra: Output drop in Kyrgyzstan....
Centerra sees major output drop in Kyrgyzstan after labour stoppage
By The Associated Press | The Canadian Press – 4 hours ago
By The Associated Press
BISHKEK, Kyrgyzstan - Toronto-based mining company Centerra says output this year at its key gold mine in Kyrgyzstan could fall short of previous targets by up to almost 40 per cent.
Centerra says in a statement that a 10-day strike in February at the Kumtor mine exacerbated the buildup of ice and waste, preventing access to higher grade ore.
The company (TSX:CG.TO - News) says gold output in 2012 could drop to a low of 390,000 ounces, down from an earlier upper forecast of 625,000 ounces.
Kumtor accounts for almost 12 per cent of the economy in this struggling former Soviet nation on China's western border.
Centerra, which is one-third owned by Kyrgyzstan's government, warned that any further labour disputes could have a significant impact on output estimates.
Centerra, which was spun off from Cameco (TSX:CCO.TO - News) in 2005, also owns the Boroo mine in Mongolia and interests in mines in Nevada, Turkey and Russia.
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