20th Oct 2022 10:01
(Alliance News) - Centamin PLC on Thursday said it remained firmly on track to meet full-year guidance, after achieving several key milestones in the third quarter.
Centamin is a London-based gold producer with interests in Egypt, Burkina Faso and Ivory Coast. The Sukari gold mine near the Red Sea coast is its flagship project, and Egypt's first large-scale modern mine, with a workforce of around 3,795 people.
For the three months ended September 30, Centamin reported revenue of USD218.1 million, up 19% from USD182.9 million a year before.
The revenue was derived from gold sales of 126,610 ounces, at an average realised gold price of USD1,720 per ounce sold.
Gold production for the quarter was 127,512 ounces, up 23% from 103,546 ounces a year prior. Centamin said this was driven by planned higher grades from the open pit and underground mine at Sukari, bringing gold production for the first nine months of 2022 to 331,410 ounces, in line with guidance given at the middle of the year.
Cash costs for the quarter were USD811 per ounce produced, on track for the lower end of 2022 guidance.
In other news, Centamin said the Sukari solar power plant was performing well, delivering lower costs and reduced greenhouse gas emissions, and displacing up to 70,000 litres of diesel fuel per day since September.
Chief Executive Officer Martin Horgan said: "In the quarter, Sukari produced its five millionth ounce of gold, and with visibility on at least the next five million ounces of production, it is a strong reminder of the exceptional quality of this asset."
Capital projects were also progressing as scheduled, including the underground paste-fill plant, underground infrastructure and equipment upgrades, and plant optimisation, as part of the reinvestment programme in the long term optimisation of the mine.
Looking ahead, Centamin maintained its adjusted capital expenditure guidance for the year at USD225.5 million. Results-driven exploration expenditure is expected to be approximately USD30.0 million.
Centamin shares were trading 3.0% higher at 85.48 pence each in London on Thursday morning.
By Holly Beveridge; [email protected]
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