Egypt-focused gold miner Centamin reports production decline in Q3, maintains its annual guidance
(Kitco News) - Centamin (TSX: CEE) reportedtoday that its Q3 2021 gold production in Egypt of 103,546 ounces was 19% lowerthan in Q3 2020 but slightly ahead of 2021 schedule.
The company also reportedthat revenue generated in Q3 2021 was US$182.9 million from gold sales of103,514 oz at an average realised gold price of US$1,764/oz sold.
Adjusted group free cash flowof US$6.9 million (YTD: US$23.8m) was ahead of budget reflecting stronger goldprice partially offset by increased mining costs driven by more open pitmaterial mined, the company added.
Importantly, the companyreaffirmed that it remains on track to meet its full year 2021 productionguidance of between 400,000 and 430,000 oz, targeting the midpoint of 415,000ounces.
The company's cost guidancealso maintained with cash costs of US$800-900/oz produced and AISC ofUS$1,150-1,250/oz sold, targeting the lower half of both the guidance ranges.
CEO Martin Horgan commented,"This quarter marked another period of solid operational delivery. Weentered the final quarter in a good position and remain firmly on track to meetour stated guidance for 2021. As outlined at the recent Geology capital marketsevent, the company has been busy progressing several growth projects at the sametime as delivering the Sukari operational reset.”
By Vladimir BasovFor Kitco News
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