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Centamin reports drop in gold output

29th January 2021

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

     

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Gold miner Centamin produced 67 996 oz of gold from its Sukari gold mine, in Egypt, 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,” says Centamin CEO Martin Horgan.

The miner reported a 42% decrease year-on-year to 79 535 oz in gold sales for the quarter. However, a stronger gold price resulted in a 27% rise in the average realised price to $1 887/oz.

Edited by Martin Zhuwakinyu
Creamer Media Magazine Managing Editor

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