Resolute Mining says it will pay Mali $160 million in tax dispute
The company’s shares in Sydney were suspended on Thursday, after tumbling 40% since news of the detention of CEO Terry Holohan.
Centamin (LSE: CEY; TSX: CEE) showcased a robust performance in 2023, achieving gold production of 450,058 ounces and successfully meeting its annual guidance for the third consecutive year.
For the current year, Centamin has outlined a production forecast ranging between 470,000 oz. and 500,000 oz. This outlook is driven by ongoing enhancements in output at its flagship Sukari mine in Egypt, capitalizing on a favorable gold price environment.
In the fourth quarter of the year, Centamin reported production of 128,127 oz., marking a 17% increase from 109,564 oz. in the corresponding quarter of 2022.
The company achieved quarterly revenue of $265 million, derived from the sale of 133,465 oz. of gold at an average realized gold price of $1,983/oz. sold. This represents a 41% surge compared to $188 million in the same period the previous year.
For the entire year of 2023, Centamin recorded revenue of $892 million, stemming from the sale of 456,625 oz. of gold at an average realized gold price of $1,948/oz. sold. This reflects a 13% rise from $787 million in 2022.
Centamin, which spent some $750 million over the past four years to improve efficiency at Sukari, Egypt’s only modern gold mine, plans to connect to the country’s electrical grid and company solar panels this year, alone cutting $41 million a year in diesel costs.
The company is exploring 3,000 sq. km. in the eastern desert area near the mine in search of new discoveries. It’s budgeting 15,000 metres of reverse circulation drilling for the new area, metallurgical testing, a conceptual resource estimate and an optimization study to steer drilling.
It posted first results Jan. 9, showing 46 metres grading 3.3 grams gold per tonne from 91 metres down drill hole LSRC030, and 77 metres at 1.84 grams from 44 metres depth in drill hole LSRC012 at the Little Sukari prospect 28 km west of the Sukari mine.
At the Umm Majal prospect 23 km west of the mine, drill hole UMRC006 cut 18 metres grading 2.33 grams from 21 metres depth and drill hole UMRC003 returned 15 metres at 1.46 grams from 4 metres down.
Sukari, with a projected mine life to 2035, holds 194 million proven and probable tonnes grading 1.23 grams per tonne for 7.7 million oz. of contained gold, the company said last month. The mine also holds 392 million measured and indicated tonnes at 1.06 grams per tonne for 13.4 million oz. of contained gold.
Shares in Centamin were up 4.5% in Toronto on Thursday morning. The company currently has a market capitalization of C$1.34 billion.
