13th Jul 2020 08:14
(Alliance News) - Centamin PLC on Monday said its operations to date have not been materially affected by the Covid-19 pandemic and the company remains on track to meet its 2020 gold production guidance.
Shares in the FTSE 250-listed company were up 0.4% at 188.70 pence each in London.
The company, which operates the Sukari gold mine in Egypt, has narrowed its production range to between 510,000 to 525,000 ounces of gold. The miner had previously set production guidance in a range between 510,000 and 540,000 ounces of gold for 2020.
Annual cost guidance remains unchanged with cash costs forecasted between USD630 to USD680 per ounce produced and all-in sustaining costs forecast of between USD870 to USD920 per ounce sold.
Centamin said output for the second-quarter to June 30 was up 11% to 130,994 ounces from 117,913 in the second quarter of 2019, primarily due to higher mill feed grades and deferral of plant maintenance shutdowns
Production for the first six months of 2020 stood at 256,084 gold ounces.
Gold sales for the second quarter improved 16% year-on-year to 130,745 ounces, in line with higher production. Stronger gold price resulted in a 32% year-on-year rise in the average realised price of gold to USD1,731 per ounce. Gross revenue for the quarter was USD227 million, up 54%.
"Today's results reflect a good first-half performance for 2020," Chief Executive Officer Martin Horgan said, adding: "Whilst we continue to actively manage the potential future impacts of Covid-19, we remain confident we are on track to meet guidance and have narrowed the production range to 510,000 to 525,000 ounces and kept cost guidance unchanged."
By Tapan Panchal; [email protected]
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