- Wednesday, October 16, 2024
Centamin, a leading gold miner, has affirmed its full-year guidance on costs and adjusted its production targets for the Sukari gold mine in Egypt. In a recent announcement, the company revealed that it anticipates an average annual production of 506,000 ounces from 2024 to 2032, with an average of 475,000 ounces per year during the mine's life-span until 2034.
Centamin also expects the mine's all-in sustaining costs (AISC) to be $922 per ounce of gold sold, positioning Sukari in the lower half of the global cost curve. This forecast represents a significant 34% reduction in AISC compared to 2022.
The improved long-term production outlook for Sukari has solidified its position as a globally recognized tier-one gold asset. This positive development underscores Centamin's commitment to maximizing free cash flow generation, according to Chief Executive Martin Horgan.
As Centamin prepares to release its third-quarter results next week, the company has narrowed its production guidance to the lower end of the 450,000-480,000 ounces range while maintaining its full-year guidance for costs and adjusted capital expenditure.
Shares in Centamin have responded positively to the news, with a 3.8% increase at 85.50 pence as of 1124 GMT.
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