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Centerra Gold held its 2024 Annual Meeting of Shareholders on May 14, 2024, with 71.13% of common shares represented. Key outcomes included the election of all nominated directors, re-appointment of KPMG LLP as auditors, and approval of executive compensation. Detailed results showed strong support for all directors, including Wendy Kei (99.42%), Craig MacDougall (99.82%), and others. The advisory vote on executive compensation passed with 96.63% approval.
Centerra Gold announced a quarterly dividend of C$0.07 per common share, totaling approximately C$15.0 million (US$11.1 million).
The dividend will be paid on June 12, 2024, to shareholders recorded by May 29, 2024.
This dividend is eligible for Canadian income tax purposes. The Board of Directors will determine the timing and amount of future dividends based on operating results, cash flow, financial conditions, and general business conditions.
Centerra Gold (NYSE: CGAU) has reported strong Q1 2024 results, with consolidated gold production of 111,341 ounces and copper production of 14.3 million pounds. The company achieved gold sales of 104,313 ounces at $1,841 per ounce and copper sales of 15.6 million pounds at $3.12 per pound. Net earnings for the quarter were $66.4 million ($0.31 per share), with adjusted net earnings at $31.3 million ($0.15 per share).
Centerra's cash and cash equivalents rose to $647.6 million, despite a $24.5 million payment to Royal Gold. The company repurchased 1.78 million shares for $10 million. For the quarter, cash provided by operations was $99.4 million, and free cash flow was $81.2 million.
Operational highlights include ongoing optimization at the Mount Milligan mine and elevated production at the Öksüt mine. Centerra is on track to meet its 2024 guidance, projecting total gold production between 370,000-410,000 ounces and copper production of 55-65 million pounds. The company declared a quarterly dividend of C$0.07 per share.
