(Alliance News) - Centamin PLC on Thursday said it is on track to meet its full-year guidance despite production and revenue slipping in the second quarter.
The gold miner, which has assets in north and west Africa, reported gold production in the quarter to June 30 of 100,228 ounces, slipping 4.0% from 104,047 ounces in the first quarter. On a yearly basis, gold production in the first quarter fell 23% from 130,994 ounces.
Cash costs came in at USD883 per ounce produced, up 41% year-on-year from USD625 and rising 20% from USD733 in the first quarter.
The realised gold price for the quarter increased 2.5% to USD1,822 per ounce from USD1,778 per ounce in the first quarter.
Revenue fell to USD177.5 million from USD189.9 million in the first quarter, and sunk 22% year-on-year from USD226.6 million.
However, Centamin noted that it is well on its way to achieving its 2021 gold production guidance, which is set between 400,000 to 430,000 ounces, as well as cash costs guidance which is seen in the range of USD800 to USD900 per ounce.
Chief Executive Martin Horgan said: "Centamin has delivered another solid operational performance and we remain on track to meet full year cost and production guidance.
"During the quarter, excellent progress was made with the Sukari waste-stripping programme [in Egypt] which has significantly outperformed budget and resulted in record material mined. This is testament to our team at Sukari delivering improvements in operating efficiencies and further supported by the quick mobilisation and ramp up of the waste-stripping contractor."
Horgan added that the company will be declaring an interim dividend.
Centamin will publish its interim results on August 5.
Shares in the miner were down 0.3% to 104.15 pence each in London on Thursday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Centamin PLC (CEY)