Centerra Gold Inc. said it turned a loss for the second quarter after the seizure of the Kumtor Mine and the continuing actions by the Kyrgyzstan government, Dow Jones Newswires reported. The Toronto-based gold miner on Tuesday posted a net loss of $851.7 million, compared with a profit of $80.7 million in the year-ago period. It reported a loss of $2.87 a share, compared with a profit of 27 cents a share in the same period last year. The results included a loss on the change of control of the Kumtor Mine of $926.4 million, partially offset by higher increase in net earnings from continuing operations, the company said. Adjusted earnings were 26 cents a share. Revenue rose to $202.3 million from $130 million. Centerra placed its Kumtor gold-mining operations in Kyrgyzstan under bankruptcy protection in the U.S. after authorities in the central Asian country took control of the project over alleged safety concerns. It filed the Kyrgyz units for chapter 11 bankruptcy in New York with the goal of ensuring Kyrgyzstan doesn't profit from a potential seizure and expropriation of the Kumtor mine, Centerra CEO Scott Perry has said.
