Centamin PLC

Centamin eyes production upside in second half

"The outlook for the business continues to improve,” said chief executive Andrew Pardey.

It expects to produce 490,000 to 520,000 ounces this year

Centamin PLC’s (LON:CEY) Sukuri gold mine produced 117,913 ounces of gold in the second quarter.

It takes the mine’s output to 234,096 ounces for the first half, which the company described as ‘in line’ with guidance.

The company highlighted that it is set for a stronger second half as it expects to see higher grade material coming from the Hapi zone. Annual guidance is set at 490,000 to 520,000 ounces.

"The outlook for the business continues to improve,” said Andrew Pardey, chief executive.

“Stronger production in the second half will be driven by mining open pit grades above 1g/t, as the Stage 4 pit progresses down into the Hapi Zone.”

He added: “We have a portfolio of attractive organic opportunities within Sukari and continue to deliver successful results from our Cote d'Ivoire exploration programmes.

“Our balance sheet is strong with no debt, no hedging and cash and liquid assets of US$327mln. We are confident in our plans to maximise shareholder value and returns."

Centamin will release interim results and give its outlook for 2020-2021 on 31 July 2019.

Quick facts: Centamin PLC

Price: £1.39

Market: LSE
Market Cap: £1.6 billion

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