Centamin reports decrease in Q4 gold output
Gold miner Centamin delivered 67 996 oz of gold from its Sukari gold mine during the fourth quarter to December 31.
While this was a 54% decrease compared with the corresponding fourth quarter in 2019, owing to mining lower grade material, the output was in line with the company’s quarterly guidance range of 60 000 oz to 70 000 oz.
Overall gold production for 2020 was 452 320 oz and in line with the revised yearly production guidance of 445 000 oz to 455 000 oz.
“The fourth quarter and subsequent full year 2020 results were delivered in line with the revised guidance we issued in October. This follows the capital markets event we hosted in December, where we presented the conclusions of the Phase 1 life of asset review and three-year outlook, detailing clear cost-saving, exploration and productivity initiatives, forming part of our plans to unlock Sukari's potential,” said Centamin CEO Martin Horgan.
The miner reported a 42% decrease year-on-year to 79 535 oz in gold sales for the quarter under review. However, a stronger gold price resulted in a 27% increase in the average realised price of gold to $1 887/oz.
The reduced volumes sold and improved gold price led to a fourth-quarter revenue of $150-million, a 26% decrease year-on-year, Centamin’s fourth quarter production report noted.
The full-year revenue reached $829-million, generated from gold sales of 468 681 oz at an average realised gold price of $1 766/oz.
The group’s 2021 guidance remains unchanged with gold production of 400 000 oz to 430 000 oz, at cash costs of $800/oz to 900/oz produced and all-in sustaining costs of $1 150/oz to $1 250/oz sold.
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