Centamin Q2 production up 11%; Narrows 2020 production range
By Frank Prenesti
Date: Monday 13 Jul 2020
(Sharecast News) - Gold miner Centamin reported higher second quarter production and said it was on track to meet full year guidance as the coronavirus pandemic had little materially affect on operations.
The company, which operates the Sukari mine in Egypt, said production rose 11% year on year to 130,994 ounces primarily due to higher mill feed grades and the deferral of plant maintenance shutdowns to the third quarter as a precaution against Covid-19.
It also narrowed full year production guidance to between 510,000-525,000 ounces of gold.
Gross revenue rose 54% for the quarter to $227m for the , while production for the six months to end-June totalled 256,084 ounces.
Second quarter cash costs were $625 per ounce produced, with all-in sustaining costs of $900 per ounce sold. Adjusted free cash flow for the second quarter was $56m.
Centamin said it had cash and liquid assets of $367m at June 30 after payment of the first interim dividend of $69m in May.
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