31st Oct 2016 07:23
LONDON (Alliance News) - Centamin PLC on Monday reported growth in earnings in the third quarter of 2016, driven by higher gold prices and sales, plus a substantial year-on-year increase in production, and the gold miner said production is on track to hit the top end of its guidance for the full year.
Centamin, which operates the Sukari gold mine in Egypt, said gold production in the quarter to the end of September was 148,674 ounces, up 6.0% against the second quarter of the year and by 41% year-on-year.
Production in all of 2016 is anticipated to be at the upper end of current guidance of 520,000 to 540,000 ounces, with full-year costs to be at the lower end of guidance for USD530 to USD560 per ounce.
Earnings before interest, tax, depreciation and amortisation in the third quarter hit USD122.0 million, up 20% compared to the second quarter thanks to higher gold sales volumes and an increased in realised gold prices.
The group sold 150,201 ounces of gold in the third quarter and got USD1,335 per ounce on average for that gold. That compares to 141,802 ounces sold in the second quarter at an average realised price of USD1,268.
Centamin said development work at Sukari has continued to yield positive results and the group has received positive exploration drilling results from its assets in Ivory Coast.
By Sam Unsted; [email protected]; @SamUAtAlliance
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