Centamin PLC (LSE:CEY, TSX:CEE, OTC:CELTF) said it remained on track for the middle of full-year guidance as the amount of gold mined, produced and sold in the third quarter increased compared to the second.
In the quarter to the end of September, 127,512 ounces (oz) of gold were produced, up 23% year on year and up 15% on the preceding quarter.
The company sold 126,610 oz in the quarter, an increase of 22% on an annual basis and 14% quarterly, with the realised gold price down 8% on the prior quarter to US$1,720.
Revenue of US$218.1mln was therefore reported, up 19% on the year and 5% on the quarter.
Cash costs of US$811 per oz produced were down 4% on the year and 7% on the quarter, while the all-in sustaining cost was up 2% on the year but down 5% on the quarter.
In terms of mining, 2,814 kilotonnes (kt) of ore were mined from the open pit at its Sukari mine in Egypt, up 2% on the second quarter and at similar grades to those last reported, while 210kt was unearthed from the underground mine, down 9% on the quarter but up 5% year-on-year and at much improved grades of 6.2 grammes of gold per tonne of material.
Chief executive Martin Horgan said, “we remain firmly on track to meet full year guidance.”
He noted several milestones achieved in the quarter, including a new record safety performance and commissioning of the Sukari solar plant which “marked a material step in reducing our GHG emissions and cost base”.
With Sukari having also produced its five millionth ounce of gold, Horgan said: “With visibility on at least the next five million ounces of production, it is a strong reminder of the exceptional quality of this asset.”
Gold production guidance was maintained at 430,000-460,000 oz for the year, targeting the middle of the range, with cash costs of US$900-1,000 per oz and AISC of US$1,275-1,425/oz sold, targeting the lower end of cash cost range and the upper end of the AISC range, and adjusted capital expenditure guidance maintained at US$225.5mln.