Centamin expects 2021 production at midpoint of forecast

Sukari is Egypt’s sole gold-exporting mine and the first large-scale modern gold operation in the North African nation. (Image courtesy of Centamin.)

Centamin Plc expects annual gold production at the midpoint of its previously forecasted range, the gold miner said on Tuesday, after reporting a rise in quarterly gold output driven by higher grades of mined ores.

Centamin, which operates the Sukari gold mine in Egypt, said it was aiming to produce 415,000 ounces (oz) in 2021, the midpoint of its projected range of 400,000-430,000 oz.

Third-quarter gold production at 103,546 ounces was, however, 19% lower from last year, largely due to a planned cut in production at Sukari.

The company said that the results of the Phase 2 life-of-mine review at Sukari is expected to be announced on Dec. 1, which would throw light into the long-term potential of the asset.

“When we look at the next 10 years, we believe there is a lot of potential value to the asset (Sukari) yet to be realised,” Chief Executive Officer Martin Horgan said in an interview.

He also added that the company expects to hit 450,000-500,000 oz range of annual gold output by 2024 and beyond.

Shares of the FTSE midcap constituent were up 1.7% at 101.95 pence at 0743 GMT.

(By Shanima A; Editing by Anil D’Silva and Rashmi Aich)


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