Tuesday 19 January 2021 8:16 am

Centamin revenue leaps by more than a quarter as gold production thrives in 2020

Centamin’s full year revenue has risen by more than a quarter as the gold production firm delivered a strong 2020 performance.

Yearly revenue reached $829m, a 26 per cent increase from $658.1m in 2019.

Production from the Sukari Gold Mine for the final three months of the year was almost 68,000 ounces, meeting guidance set in October.

Quarterly revenue hit $150m, while full year revenue stemmed from sales of more than 468,000 ounces in the mine, the only active site in Centamin’s portfolio.

Gold sales for the quarter dropped 42 per cent compared to 2019 as a result of mining lower grade material.

The quarterly revenue signalled a 26 per cent decrease year-on-year, due to reduced volume sold but improved gold price.

Centamin has run the Sukari Gold Mine in Egypt for the last 10 years.

The London-listed company operated the first large-scale modern gold mine in the Northern African country, which is one of the world’s largest producing mines.

Martin Horgan, CEO of Centamin, praised its strong annual performance.

Horgan said: “Today’s quarterly and subsequent full year 2020 results were delivered in-line with the revised guidance we issued in October.

“This follows the capital markets event we hosted in December, where we presented the conclusions of the Phase One Life of Asset review and three-year outlook, detailing clear cost-saving, exploration and productivity initiatives, forming part of our plans to unlock Sukari’s potential.”