Centamin Q4 gold production shines

Egypt-focused miner Centamin reported a 51% rise in fourth quarter gold production to 148,387 ounces as it reiterated guidance for 2020.

Full year production from the company's Sukari gold mine rose 2% to 480,529 ounces.

Fourth quarter gross revenue was $204.1m, generated from 137,065 ounces in gold sales at an average realised price of $1,487 per ounce. Full year gross revenue was $658.1m, generated from 470,020 ounces in gold sales at an average realised price of $1,399 per ounce.

Centamin forecast 2020 production of 510,000-540,000 ounces, with 60% weighted to the second half and open pit material expected to contribute 75% of the full year production driven by higher grade stage 4 ore.

Cash costs of production were forecast to be between $630 - $680 per ounce.