Centamin FY shines on higher production, holds guidance

Gold miner Centamin said full-year profits rose 11% to $171m driven by a strong rise in production.

Revenue for 2022 rose 8% to $788m. The company maintained its gold production guidance range of 450,000 - 480,000 ounces a year weighted towards the second half.

Cash cost guidance was expected to be $840-990 oz produced and $1,250-1,400/oz sold, similar to the 2022 levels despite global inflationary pressures including higher fuel prices.

Capex guidance is was $225m as the company continues to identify growth and optimisation projects at its Sukari mine in Egypt.

“We are fully focused on managing the bottom line of the business so that we can maximise the value at Sukari and deliver growth and diversification combined with sustainable stakeholder returns. We have budgeted for similar costs in 2023 as 2022, accounting for rising input costs, driven by higher consumer price inflation within our operating countries, supply chain pressures on fuel, consumables and shipping costs and tighter labour markets,” the company said.

Reporting by Frank Prenesti for Sharecast.com