Gold Output from Sukari Mine In Line with Guidance: Centamin

SEATTLE (Scrap Monster): Centamin Plc reported increased gold production from its Sukari Gold Mine during the first quarter of the current year. The gold production of 125,090 ounces was in line with the annual guidance previously provided by the company. Furthermore, the company has declared first interim dividend of six cents per share, which will be payable on May 15^th.

The company stated that its operations have not been impacted so far by the covid-19 pandemic. Consequently, it maintained its full-year guidance for 2020 at 510,000-540,000 ounces of gold at an AISC of between $870-920 per ounce. The revenue totalled $222.2 million during the quarter, whereas the gold sales stood at 139,784 ounces. It reported strong balance sheet with cash and liquid assets of $379.2 million.

ALSO READ: Egypt Grants First Gold Mining License in Over a Decade

However, the company foresees lower production during Q2 this year, mainly on account of reduced underground output. The estimated second quarter gold output is 115,000 ounces, said Centamin press release.

Ross Jerrard, Interim CEO and Chief Financial Officer noted that the company was able to deliver strong start to the year, delivering operational and financial performance ahead of plan. He acknowledged the assistance and support of the Egyptian government and the commitment andf response of its workforce to the unprecedented circumstances on account of the virus outbreak.