Centamin PLC (LSE:CEY, TSX:CEE, OTC:CELTF) said its gold production rose 6% in 2022 and costs were within guidance despite the impact of industry-wide inflationary pressures.
It produced 109,564 ounces of gold in the fourth quarter from its Sukari mine, taking its full-year output to 440,974 ounces at an all-in-sustaining-cost (AISC) of US$1,399 an ounce.
Full-year revenue rose 8% to US$787mln on gold sales of 438,638 ounce at an average realised gold price of US$1,794 an ounce.
“It was a busy fourth quarter - we commissioned the 36Mw Sukari solar plant, delivering immediate cost savings and reductions in carbon emissions; we completed the Sukari underground expansion study confirming the ability to increase mining rates by 30% from 2025; for the consecutive second year, we materially grew the Sukari reserves; and we signed a US$150mln sustainability linked revolving credit facility providing greater flexibility to fund growth,” said chief executive Martin Horgan in a statement.
“During 2023, we look forward to further increasing gold production from Sukari year on year while continuing to manage cost pressures, and progressing the multiple identified opportunities across our portfolio," he added.
The gold miner expects to produce 450,000 to 480,000 ounces in 2023, with 55% of this target expected to come in the second half, at an AISC of US$1,250-US$1,400 per ounce sold, reflecting higher fuel prices and global inflationary pressures.
It anticipates the increase in production to be led by higher mining rates from Sukari underground following the transition to owner-operator mining.
Away from its flagship Sukari mine, the FTSE 250 group said a pre-feasibility for the Doropo project in the Ivory Coast is on track for the first half of this year, with work focused on assessing new potential capital and cost-saving opportunities.