20th Jul 2022 09:13
(Alliance News) - Centamin PLC on Wednesday said it remains on-track to meet full-year production guidance and is focused on controlling costs amid an inflationary environment.
Gold production of 110,788 ounces in the second quarter of 2022 was up 11% year-on-year and 19% higher than the first three months of 2022. This was due to its being the first full quarter of underground owner operations at Sukari as well as improved open pit grade.
Centamin generated revenue of USD207.2 million from gold sales of 111,207 ounces at an average price of USD1,863 per ounce. This gold price was up 2% year-on-year.
Outstripping the rise in gold prices were all-in sustaining costs, up 5% to USD1,357 per ounce.
For 2022 as a whole, Centamin expects all-in sustaining costs towards the upper end of its USD1,275 to USD1,425 per ounce guidance range.
"Given the current inflationary operating environment we continue to monitor consumables pricing and review opportunities to offset price increases with cost savings initiatives such as the solar power plant," it said.
Guidance for 2022 gold production was maintained at 430,000 ounces to 460,000 ounces.
"Continued progress was made at our key projects and we remain focussed on cost control across all our operations with a number of initiatives targeting completion in H2 2022 that are expected to partially offset the current inflationary environment," commented Chief Executive Martin Horgan.
Shares in Centamin were up 1.6% at 78.34 pence in London on Wednesday.
By Lucy Heming; [email protected]
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