Centamin Sukari Gold Mine See Sustained Robust Production

The strong operational performance helped the company to keep the full –year costs in line with guidance.

SEATTLE (Scrap Monster): Centamin plc. announced robust production from its Sukari Gold Mine in Egypt. The gold production from the mine totalled 148,387 ounces during the three month period ending December 31, 2019. The full year gold production totalled 480,529 ounces.

According to company press release, the company’s gold sales totalled 470,020 ounces, threby resulting in gross revenue of US$658.1 million in 2019. Also, it generated gross revenue of US$204.1 million in Q4 from 137,065 ounces in gold sales.

The strong operational performance helped the company to keep the full –year costs in line with guidance. Centamin reported Q4 cash costs of $605 per ounce produced and all-in sustaining costs (AISC) of US$792 per ounce sold. The cash costs and AISC for 2019 were $699 per ounce and $943 per ounce for the full year 2019.

ALSO READ: Barrick Reports Robust Gold Production and Sales

For 2020, the company guided for a production of 510,000–540,000 ounces of gold. Open pit material is likely to contribute to three-fourths of the full year production during the year. Also, the company expects cash costs of production to range between $630 and $680 per ounce produced. The AISC is likely to range from $870 to $920 per ounce sold.

Ross Jerrard, CEO commented that the strong Q4 performance was mainly driven by various initiatives undertaken at the Sukari mine towards consistency improvement cash flow boost.

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