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HomeNewsCentamin reports 'scheduled' gold production decrease in Egypt in Q1, says on...

Centamin reports ‘scheduled’ gold production decrease in Egypt in Q1, says on track to meet 2022 guidance

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(Kitco News) – Centamin (TSX: CEE) reported today that Sukari gold production for the quarter was 93,109 oz, an 11% decrease over Q1 2021 due to scheduled reduced production during the transition to owner mining in the Sukari underground.

The company said that due principally to the underground transition, Q1 2022 production was planned to be lower than the remaining quarters of the year.

However, Centamin reiterated that the company remains on track to achieve its 2022 gold production guidance of 430,000 to 460,000 oz at cash costs of US$900-1,000/oz produced and all-in sustaining costs of US$1,275-1,425/oz sold.

The company added that gold sales for the quarter were 92,559 oz, a 13% decrease YoY. Revenues generated of US$174.6 million, decreased by 8% YoY, driven by lower gold sales, marginally offset by a higher realized gold price.

Total all-in sustaining costs (“AISC”) were US$144.2 million for the quarter, a 23% increase YoY, resulting from inventory movements and capitalizing of waste above the life of mine strip ratio. Unit AISC of US$1,558/oz sold, a 43% increase in YoY costs, reflecting the lower gold sales.

The company also noted that its exploration team made good progress with initial drill results from surface exploration within the Sukari concession indicating the potential to define satellite resources, with several follow-up targets already identified.

CEO Martin Horgan said, “As planned, Q1 2022 production reflected the successful transition to owner mining in the underground, which is now complete, enabling us to unlock the full potential of the underground operations. Significant investment resulted in progress being made across all our major project work streams including the solar power station and the paste fill plant.”

The company’s flagship asset is the Sukari gold mine, Egypt’s largest and first modern gold mine, as well as one of the world’s largest producing mines. Since production began in 2009, Sukari has produced circa 5 million ounces of gold, and today has a projected mine life of 12 years.

Centamin indicated it is also advancing an active pipeline of future growth prospects, including the Doropo project in Côte d’Ivoire, and over 3,000km2 of prospective exploration ground in the Egypt’s Arabian Nubian Shield.