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Egypt-focused Centamin says Q1 gold production was in line with guidance

Centamin announced Thursday that its Sukari gold mine in Egypt produced 104,047 oz in Q1 2021, in line with 2021 guidance and a 53% increase compared to the fourth quarter of 2020, driven by improved open pit and underground mined grade, resulting in a 34% increase in feed grade.

However, Q1 2021 production was 17% lower compared to the first quarter of 2020 reflecting the conclusions of the Life of Asset Phase 1 and three-year outlook presented in December 2020.

The company’s free cash flow was US$9 million, after US$37 million of capital expenditure and US$27 million distributed to the Egyptian government in profit share payments and royalties.

Centamin added that its 2021 gold production and cost guidance maintained: 400,000 to 430,000 oz, split equally across H1 and H2 (50:50), at costs of US$800-900/oz produced and AISC of US$1,150-1,250/oz sold.

CEO Artin Horgan commented, “Today’s Q1 results reflect a solid quarterly operating performance and are a good start to 2021. The company delivered production as scheduled, including record material movement and continued to progress capital projects on schedule. Centamin maintains its 2021 full year guidance and we look forward to delivering the strategic review of our exploration pipeline during Q2, followed later in the year by the Sukari Life of Asset Phase 2.”

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