Centerra Gold (TSE:CG) Meets Gold Production Goal for 2010

Centerra Gold (TSE:CG) announced they reached their guidance production goal of 2010, reaching 678,941 ounces for the year.

Concerns over the 10-day stoppage at its flagship Kumtor mine created uncertainty as to whether or not the guidance goal would be reached.

Other challenges in meeting guidance were the permitting delays in Mongolia and the uprising in Kyrgyz.

Total production at Kumtor were 567,802 ounces of gold in 2010. The Boroo mine in Mongolia reached production of 111,139 ounces of gold produced.

Guidance from Centerra for 2011 is from 600,000 to 650,000 ounces of gold total to be mined. Kumtor is projected to account for 550,000 ounces to 600,000 ounces.

Boroo estimates are for 50,000 ounces, assuming it is mined at all. Permitting issues are behind the uncertainty there.

Centerra said they're setting aside $213 million for capex in 2011, with $179 million going toward acquisition of hauling equipment at its Kumtor project.

The other $34 million is allocated for exploration.

Centerra closed in Toronto Friday at $18.55, up $0.02, or 0.11 percent.