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Centamin says second quarter gold production exceeds expectations at nearly 131,000 ounces

New chief executive Martin Horgan thanked stakeholders, including the Egyptian government and the local community at Marsa Alam

Centamin PLC -

Centamin PLC (LON:CEY) produced 130,994 ounces of gold from its Sukari mine in Egypt during the second quarter of 2020.

That was above forecast, partly because of higher mill feed grades but also because, as a precautionary measure due to the coronavirus pandemic, plant maintenance shutdowns have been deferred to the third quarter.

Production for the six months to end-June totalled 256,084 ounces.

Cash costs for the second quarter ran at US$625 per ounce produced, with all-in sustaining costs running at US$900 per ounce sold. Adjusted free cash flow for the second quarter was US$56mln.

The company has a strong balance sheet with cash and liquid assets of US$367mln, as at 30 June 2020, after payment of the first interim dividend of $69mln on 15 May 2020.

"Today's results reflect a good first half performance for 2020,” Centamin chief executive Martin Horgan said in a statement.

“We remain confident we are on track to meet guidance and have narrowed the production range to 510,000 to 525,000 ounces and kept cost guidance unchanged.”

Quick facts: Centamin PLC

Price: 205.8 GBX

Market: LSE
Market Cap: £2.38 billion

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