Q4 2024 Centerra Gold Inc Earnings Call Transcript
Key Points
- Centerra Gold Inc (CGAU) reported strong free cash flow generation in the fourth quarter, driven by robust contributions from Mount Milligan.
- The company ended 2024 with a cash balance of $625 million, providing total liquidity of over $1 billion.
- Mount Milligan's site-wide optimization program has led to reduced operating costs and improved productivity.
- Centerra Gold Inc (CGAU) is advancing key growth catalysts at Mount Milligan and Kemess, with a pre-feasibility study expected in the third quarter of 2025.
- The company remains committed to returning capital to shareholders, with $88 million returned in 2024 through share buybacks and dividends.
- Full-year 2024 gold and copper production at Mount Milligan was below guidance due to lower grades encountered.
- Oksut's 2025 gold production is expected to be lower, with all-in sustaining costs rising due to inflation in Turkey.
- The Goldfield project does not meet requirements for near-term development, leading to an impairment on the asset.
- Consolidated all-in sustaining costs are expected to rise in 2025, driven by lower gold production at Oksut and inflation impacts.
- The molybdenum business unit reported a free cash flow deficit in the fourth quarter, mainly related to spending on the Thompson Creek restart.
Good morning, everyone. Thank you for standing by. This is the conference operator. Welcome to the Centerra Gold fourth-quarter 2024 conference call. As a reminder, all participants are on a listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. (Operator Instructions)
I would now like to turn the conference call over to Lisa Wilkinson, Vice President-Investor Relations and Corporate Communications with Centerra Gold. Please go ahead.
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Thank you, operator. And good morning, everyone. Welcome to Centerra Gold's fourth-quarter 2024 results conference call.
Joining me on the call today are Paul Tomory, President and Chief Executive Officer; Paul Chawrun, Chief Operating Officer; and Ryan Snyder, Chief Financial Officer.
Our release yesterday details our fourth-quarter 2024 results. It should be read in conjunction with our MD&A and
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