UK-listed Centamin on Wednesday reported a 58% jump in gold production for the fourth quarter as the Egypt-focused miner benefited from higher-grade ores, while keeping its 2022 projections for gold output and capital expenditure unchanged.
Centamin, which operates Egypt’s sole commercially producing gold mine, said production reached 107,549 ounces during the three months ended Dec. 31.
The company last month said a review of its Sukari gold mine in Egypt indicated the largest reserve growth in a decade, supporting its plan to produce 500,000 ounces per annum of the metal over the next 10 years.
The review was aimed at assessing additional opportunities and targeted at improving costs and productivity.
“2021 has been characterised by solid delivery against our stated plans and completion of the Sukari Life of Asset study, confirming the high-quality and long life of the mine,” Chief Executive Officer Martin Horgan said.
The company’s full-year gold output was in line with its expectation of 415,370 ounces. In 2022, Centamin aims to produce 430,000 to 460,000 ounces of gold with a capital expenditure of $215 million.
The miner, which has put its Batie West project in Burkina Faso up for sale, said talks were on with potential interested parties and the Burkinabe government.
(By Shanima A; Editing by Subhranshu Sahu)
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