https://www.engineeringnews.co.za

Centamin's second-quarter exploration, project plans remain on track

22nd April 2021

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

Font size: - +

Gold miner Centamin says its exploration and capital project development plans for the second quarter remain on track.

Reporting on its results for the quarter ended March 31, CEO Martin Horgan says the quarter was a "good start" to the year, with Centamin having delivered production as scheduled, including record material movement.

Gold production from the Sukari mine, in Egypt, reached 104 047 oz, in line with 2021 guidance. A record 22.8-million tonnes of material were moved, driven by improved operating efficiencies and the start of the accelerated waste-stripping programme.

Centamin generated revenue  of $190-million from gold sales of 106 573 oz at an average realised gold price of $1 778/oz sold.

Cash costs were $733/oz and all-in sustaining costs (AISC) $1 091/oz.

Group free cash flow was $9-million, after $37-million of capital expenditure and $27-million was distributed to the Egyptian government in profit share payments and royalties.

Centamin has a strong balance sheet with no debt and no hedging and cash and liquid assets of $331-million.

The miner maintains its full-year guidance at between 400 000 oz and 430 000 oz, split equally across the first and second half of the year.

Costs are expected to be between $800/oz and $900/oz and AISC between $1 150/oz and $1 250/oz.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Sweet-Orr
Sweet-Orr

Sweet-Orr, established in 1871, is a global leader in superior protective workwear, known for quality, innovation, and performance.

VISIT SHOWROOM 
ATI Systems
ATI Systems

ATI systems comprises five divisions: electrical assemblies, drives and controls, feedback sensors, enclosures, and strip guiding.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.052 1.285s - 140pq - 2rq
Subscribe Now