Kumtor Production and Reserves

PRODUCTION

2020

2019

2018

2017

2016

Tonnes ore mined (000s)

705

10,970

7,356

5,084

8,911

Tonnes milled (000s)

6,323

5,968

6,325

6,246

6,303

Average mill head grade
(grams/tonne)

3.27

3.69

3.29

3.58

3.44

Mill Recovery (%)

81.4

83.5

79.3

79.1

79.2

Ounces of gold produced (000s)

556

600

535

563

551


UNIT COSTS

Mining costs – total - $ per tonne mined material

1.52

1.26

1.17

1.10

1.27

Milling costs - $ per tonne milled material

10.97

12.00

10.65

10.69

9.87

Production costs per ounce of gold sold - $(2)

342

381

394

nr

nr

All-in Sustaining Costs(1) on a by-product basis per
ounce sold – $

741

598

694

698

640

(1) Non-GAAP measure. See discussion under “Non-GAAP Measures” in Company’s MD&A and Annual Information Form

(2) Production costs per ounce of gold sold are included as a new measure and is considered the nearest GAAP measure to All-in Sustaining Costs, not reported prior to 2018.

 

RESERVES AND RESOURCES

 

The following table shows Kumtor’s estimated gold reserves and resources at December 31, 2020:

 

 

TONNES
(000s) 

GRADE
Grams/tonne

CONTAINED GOLD
Ounces (000s) 

Proven

10,693

1.42

487

Probable

59,613

2.88

5,525

Total reserves

70,306

2.66

6,013

Measured

9,478

3.44

1,048

Indicated

16,054

2.39

1,232

Total measured and indicated resources

25,532

2.78

2,280

 

 

 

 

Inferred resources – Open Pit

20,864

1.97

1,324

Inferred resources - Underground

13,100

7.46

3,141

PRODUCTION

1997

1998

1999

2000

2001

2002

2003

2004

2005

Tonnes ore mined (000s)

5,017

5,349

8,054

6,518

5,606

5,141

4,634

3,303

6,135

Tonnes ore milled (000s)

4,023

5,254

5,298

5,498

5,470

5,611

5,631

5,654

5,649

Mill feed grade 
(grams/tonne)

5.55

4.77

4.49

4.65

5.15

3.71

4.54

4.4

3.4

Recovery (%) 

73.3

78.5

79.4

81.5

83.1

78.1

82.6

82.1

81.2

Ounces of gold poured (1) (000s)

502

646

610

670

753

529

678

657

501

UNIT PRODUCTION CASH COSTS (2) 

 

 

per tonne milled - $

24.00

22.20

20.60

18.60

19.50

20.40

24.00

23.24

24.40

per ounce - $ 

193

181

179

153

141

216

191

200

274

Table Continued Below

PRODUCTION

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Tonnes ore mined (000s)

3,887

5,182

4,967

4,464

5,765

6,020

4,955

7,289

8,640

6,583

Tonnes ore milled (000s)

5,696

5,545

5,577

5,780

5,594

5,815

4,756

5.596

5,840

5,729

Mill feed grade 
(grams/tonne)

2.3

2.4

3.9

3.7

4.0

3.8

2.8

4.3

3.9

3.6

Recovery (%) 

73.0

72.7

79.7

76.7

79.5

80.8

75.6

79.3

78.0

78.8

Ounces of gold poured (1) (000s)

304

301

556

525

568

583

315

600

567

521

UNIT PRODUCTION CASH COSTS (2) 

 

 

 

per tonne milled – $

28.99

29.27

43.64

41.80

41.5(3)

48.38

35.28

37.11

34.23

29.59

per ounce – $

544

540

438

460

409(3)

482

532

357

356

326

(1) Centerra’s equity interest is 100%
(2) Unit production cash cost per ounce is a non-GAAP measure, Starting in 2013 unit cost measures are adjusted operating costs on a sales basis, which is a non-GAAP measure.  As a result of Kumtor’s restated Investment Agreement signed in 2009, operating costs and total cash costs per ounce measures for 2009, 2008 and 2007 have been restated to exclude operating and revenue-based taxes.
(3) Restated to exclude community investments costs.