Centamin Egypt PLC (LON:CEY) produced 125,090 ounces from the Sukari gold mine in Egypt during the first quarter of 2020, in line with annual guidance.
As of 20 April, there were no recorded cases of coronavirus at the company’s operations, and there have been no material disruptions to operations, supply chain or gold shipments. Contingency plans are in place to deal with various possible disruptions.
During the first quarter the company generated revenue of US$222.2mln from the sale of 139,784 ounces of gold sales at an average realised price of US$1,587 per ounce.
Cash costs for the first quarter amounted to US$659 per ounce, and all-in sustaining costs rang in at US$902 per ounce sold, in line with annual guidance
A first interim dividend of US$0.06 per share has been declared, with a payment date of 15 May 2020 set.
As at 31 March 2020 the company has cash and liquid assets] of US$379.2mln. The cmpany has no debt and no hedging.
For the full year, the company is targeting production of between 510,000 and 540,000 ounces of gold, at all-in sustaining costs of between US$870 and US$920 per ounce.
Martin Horgan was appointed as new chief executive with effect from 6 April 2020 with Ross Jerrard continuing as chief financial officer.