(Alliance News) - Centamin PLC on Thursday reported slightly lower gold production in the first quarter of 2024, due to planned mine works.
The Jersey-headquartered miner, which has interests in Egypt, Burkina Faso and the Ivory Coast, said in the three months to March 31, gold output declined 1.0% on-year to 104,821 ounces from 105,875.
Centamin noted that the "scheduled processing of lower-grade ore from the open pit at its producing Sukari gold mine in Egypt, alongside the planned underground ventilation upgrades and mill maintenance" in the first-quarter affected output.
Revenue for the period was 6.9% lower at USD191.0 million from USD205.2 million the year before. Gold sales were 92,494 ounces, leaving 19,241 ounces in stock that was sold at the start of the second quarter, Centamin said.
All-in-sustaining cost was USD1,519 per gold ounce sold, compared to a realised gold price of USD2,062 per ounce.
Looking ahead, Centamin left its 470,000 to 500,000 ounces output target for the year unchanged.
Chief Executive Officer Martin Horgan said: "We continue to advance organic growth opportunities within our portfolio. We are actively following up on the recent exploration successes from our Eastern Desert exploration drilling programme and are progressing well towards completion of the DFS for the Doropo project in Cote d'Ivoire by mid-year."
Shares in Centamin were down 3.1% at 125.68 pence each in London on Thursday morning.
By Sabrina Penty, Alliance News reporter
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Centamin PLC (CEY)