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Centerra Shares Drop 2% After Output Target Lowered: Report

Shares of Centerra Gold Inc (CG.TO) fell 2% on Thursday, a day after the Canadian gold miner reported a quarterly loss and again lowered its full year output target, Reuters reported.

Centerra now expects to produce some 415,000 to 425,000 ounces of gold in 2012, down from a previous estimate of 450,000 to 470,000 ounces.

Earlier this year, Toronto-based Centerra was forced to substantially cut its 2012 production outlook, as output at its Kumtor mine in Kyrgyzstan was hit by ice movement in the pit. Kumtor is Centerra's largest gold mine.

Centerra, which has developed a new mine plan for the high-altitude mine, increased its proven and probable reserves in the central open pit by 58% to 9.7 million ounces, extending Kumtor's mine life by five years.

The company now expects to produce some 600,000 ounces at Kumtor in 2013 and 660,000 ounces in 2014.

Late on Wednesday, Centerra reported a net loss of $46.8 million, or 20 cents a share, for the quarter ended Sept 30, compared with earnings of $83.7 million, or 35 cents a share, in the year-earlier period.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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