Centerra Gold (TSX: CG; NYSE: CGAU) has provided an updated life of mine plan for its Mount Milligan mine located in central B.C. that would extend the open pit mining and milling operation by four years to 2033. The updated life of mine plan (LOM) incorporates an increased mineral reserve base compared to 2021 year-end calculations.
As of Dec. 31, 2021, the Mount Milligan deposit is estimated to contain proven and probable reserves totalling 246.2 million tonnes at 0.37 g/t gold and 0.18% copper, containing approximately 2.9 million oz. of gold and 1 billion lb. of copper. These reserves were classified as approximately 30% proven and 70% probable on a tonnage basis.
Compared with the 2020 Mount Milligan technical report, total payable gold production would increase by 800,000 oz. (to 1.9 million oz. from 1.1 million oz.) and total payable copper production by 191 million lb. (to 751 million lb. from 560 million lb.) from 2022 onwards.
The LOM payable gold production is expected to reach 1.9 million oz. at a production cost of US$502/oz., an all-in sustaining cost on a by-product basis of US$756/oz. and all-in cost on a by-product basis of US$770/oz.
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