22nd Apr 2021 11:14
(Alliance News) - Centamin PLC on Thursday said output at its Sukari gold mine in Egypt was in line with forecasts during the first quarter of the year.
The FTSE 250-listed gold miner left full-year production and capital expenditure guidance unchanged.
Gold production from the Sukari mine was down 17% annually at 104,047 ounces, though this was up 53% quarter-on-quarter.
Revenue from gold sales fell 15% year-on-year to USD189.9 million, from USD222.2 million, although it rose 26% from a quarter earlier.
"Today's Q1 results reflect a solid quarterly operating performance and are a good start to 2021. The company delivered production as scheduled, including record material movement and continued to progress capital projects on schedule. Centamin maintains its 2021 full year guidance and we look forward to delivering the strategic review of our exploration pipeline during Q2, followed later in the year by the Sukari life of asset phase 2," Chief Executive Officer Martin Horgan said.
Centamin expects annual output between 400,000 to 430,000 ounces. Capex guidance was maintained at USD225 million.
Centamin shares were 0.9% higher at 115.65 pence each in London on Thursday morning.
By Eric Cunha; [email protected]
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