Centamin revenues grow despite decline in quarterly production

20th Apr 2023 08:58

(Sharecast News) - Gold miner Centamin said on Thursday that revenues had grown in the three months ended 31 March, even as production slipped.

Centamin produced 105,875 ounces from its Sukari gold mine in the first quarter, down 3% quarter-on-quarter, but still managed to deliver an 18% increase in revenues to $205.0m.

The FTSE 250-listed group, which reaffirmed its outlook of 450,000 to 480,000 ounces for the full year, said cash costs had come to $937 per ounce produced and capital expenditure was $54.0m in the quarter.

Centamin also highlighted its "robust balance sheet", with cash and liquid assets of $155.0m and a $150.0m undrawn revolving credit facility.

Chief executive Martin Horgan said: "These results reflect a good start to the year, with the Sukari team delivering another consistent performance in line with our operational plan, as well as making great progress on our key capital projects.

"We reiterate our 2023 guidance and look forward to reporting later in the year on several additional projects which will deliver growth and underpin returns."

As of 0855 BST, Centamin shares were down 1.60% at 104.70p.

Reporting by Iain Gilbert at Sharecast.com