(Alliance News) - Centamin PLC on Tuesday said it was on track to meet its full-year guidance as gold production increased in the third quarter.
Gold production was "slightly ahead of schedule" in the recent quarter, Centamin said, as it reported output of 103,546 ounces of gold in the three months ended September 30, up 19% from 128,240 ounces a year prior.
All production in the quarter came from the company's Sukari gold mine in Egypt.
Cash costs jumped 24% to USD883 per ounce of gold, compared to USD682 in the same period during 2020.
Prior to the pandemic, the company reported gold production of 98,045 ounces at a cash cost of USD860 per ounce in the third quarter of 2019.
Revenue from gold sales reached USD182.9 million in the third quarter, with 103,514 ounces selling for an average realised gold price of USD1,764 per ounce.
All-in sustaining costs rose 32% year-on-year to USD1,266 per ounce of gold from USD961 per ounce, meaning the miner is on target to meet its full-year targets, it said.
Centamin said it is also on track to meet its output expectations for 2021, having produced 307,821 ounces of gold in the nine months to the end of September.
The company maintained all of its full-year guidance, including gold production of 400,000 to 430,000 ounces at a cash cost of USD800 to USD900 per ounce.
On December 1, Centamin plans publish an updated mineral reserve and resource statement for its Sukari mine, including results of the Sukari life-of-asset phase 2 optimisation work programme.
Shares in Centamin were trading up 1.4% at 101.60 pence each in London on Tuesday morning.
By Scarlett Butler; scarlettbutler@alliancenews.com
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Centamin PLC (CEY)