TORONTO (CP) -- Revenue was $139.4 million, up from $98 million.
The year-ago loss reflected unusual items including a reclassification related to an ongoing dispute with the Kyrgstani government about the Kumtor gold project. Excluding those items, Centerra earned $4.8 million in the third quarter of 2007.
The Toronto-based company, which is 53% owned by uranium miner Cameco (CCO), has been trying to negotiate a three-way agreement on Kumtor that would lower its ownership stake in the central Asian project.
Under the proposed deal, the portion of Centerra owned by parent Cameco would fall to 41%, while the government of Kyrgyzstan would raise its stake to 29% from 16%. Public shareholders would own the remaining 30%.
The deal also would increase Centerra's concession in Kyrgyzstan by more than 250 square kilometres.
Centerra's gold production for the third quarter totalled 186,145 ounces at a cash cost of $498 per ounce compared with 136,461 ounces at $440 per ounce a year earlier.
CEO Stephen Lang said discussions are ongoing with the Kyrgstani government, and it's expected that there will be a "significant increase" in fourth-quarter production as higher-grade ore is accessed.
The company also announced joint-venture agreements for exploration in Russia and Turkey.
Centerra expects 2008 production to total between 740,000 and 790,000 ounces. This was revised downward from prior guidance due to lower than expected output at the Kumtor mine.
(c) The Canadian Press