Centamin Q3 revenues grow as production rises


Sharecast News | 20 Oct, 2022

Gold miner Centamin said on Thursday that third-quarter revenues had risen on the back of higher production throughout the period, supporting the firm's full-year guidance.

Centamin said revenues rose 19% to $218.1m in the three months ended 30 September, with other group selling 126,610 ounces of gold throughout the period - a 22% year-on-year improvement.

Realised gold prices slipped 3% to $1,720 per ounce, while capex increased 11% to $74.9m. All-in sustaining costs came to $1,289 per ounce sold and were on track to hit the upper end of 2022 guidance.

Centamin also noted that its Sukari solar plant was delivering lower costs and reduced greenhouse gas emissions and whilst in the final stages of commissioning, since September the solar plant has "consistently delivered" nameplate capacity, displacing up to 70,000 litres of diesel fuel per day.

Chief executive Martin Horgan said: "The third quarter results reflect continued strong delivery across the group and we remain firmly on track to meet full-year guidance. Several key milestones were achieved in the quarter.

"In the quarter, Sukari produced its five millionth ounce of gold, and with visibility on at least the next five million ounces of production, it is a strong reminder of the exceptional quality of this asset."

As of 0950 BST, Centamin shares were up 2.41% at 85.0p.

Reporting by Iain Gilbert at Sharecast.com

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