Increased output, record prices drive strong growth for Centamin in third quarter
Centamin (DI)
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Egypt-focused gold miner Centamin reported a strong third-quarter performance, as operational improvements at the flagship Sukari mine lifted production while gold sales were bolstered by record prices.
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The miner, which is currently being acquired by AngloGold Ashanti, said gold production increased 30% year-on-year to 131,726 ounces (oz),
Gold sales surged 44% to 149,659oz, as the average realised gold price jumped 28% to $2,459/oz. Group revenues were up 84% at $368.6m. All-in sustaining costs declined 1% to $1,256 per oz sold.
Meanwhile, improved production and "continued cost discipline" lifted free cash flow to $103m, 730% higher than last year.
"The performance at Sukari disclosed in our August trading update has been maintained through the remainder of Q3, building on the operational momentum from Q2 2024. This strong performance follows our significant investment in operational improvements which positioned us to capitalise on the current record gold price," said chief executive Martin Horgan.
The company maintained its full-year production guidance of 470,000oz to 500,000oz, with output performance currently tracking towards the mid-point of guidance.
Centamin and AngloGold Ashanti announced on Monday that they have now received approval from the Egyptian Competition Authority regarding the takeover. Completion of the deal now remains subject to the remaining conditions set out in a court-sanctioned scheme of arrangement.