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(Kitco News) – Gold miner Centamin (TSX: CEE) reported Thursday that its Sukari gold mine in Egypt produced 127,512 oz of gold in Q3 2022, a 23% increase y-o-y and 15% increase on Q2.
The company said that production increase was attributable to higher grades from both the underground and open pit alongside ongoing productivity improvements such as the installation of lightweight high-capacity truck trays in the open pit.
The company also reported Q3 2022 revenue of US$218.1 million (Q3 2021: $182.9 million), an increase of 19% y-o-y, driven by higher gold sales countering a slightly lower gold price.
Importantly, the company said that its 2022 gold production guidance maintained at 430,000 to 460,000 oz, targeting the middle of the range, while cost guidance maintained at cash costs of US$900-1,000/oz produced and AISC of US$1,275-1,425/oz sold, targeting the lower end of cash cost range and the upper end of the AISC range.
CEO Martin Horgan commented, “The third quarter results reflect continued strong delivery across the Group and we remain firmly on track to meet full year guidance. Several key milestones were achieved in the quarter, including a new record safety performance and commissioning of the Sukari solar plant which marked a material step in reducing our GHG emissions and cost base.
“In the quarter, Sukari produced its five millionth ounce of gold, and with visibility on at least the next five million ounces of production, it is a strong reminder of the exceptional quality of this asset.”
Centamin’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.
In addition, Centamin is advancing an active pipeline of future growth prospects, including the Doropo project in Côte d’Ivoire, and approximately 3,000km2 of prospective exploration ground in Egypt’s Arabian Nubian Shield.
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