Centamin holds outlook as production rises 2%

Gold miner Centamin said its outlook for 2024 remained unchanged as it delivered annual production in line with guidance despite local inflationary cost pressures.

The company on Thursday said gold production rose 2% to 450,058 ounces and said its all-in sustaining costs of $1,205 per ounce sold were a guidance-beating 14% improvement on 2022.

Adjusted core earnings rose 25% to $398 million, at a 45% margin, up from 40% in 2022.

Annual capital expenditure of $204m was below guidance of $272m due to cost savings, lower capitalisation of costs and changes to equipment rebuild schedules.

Centamin said its Sukari mine in Egypt had been repositioned towards consistently delivering 500,000 ounces per annum over long-term and said connection to the grid using solar power would take more costs out of the business.

A final dividend of 2 cents a share was declared, equating to $23m.

Reporting by Frank Prenesti for Sharecast.com