Centamin has enjoyed a 58 per cent boost in gold production during the fourth-quarter, with the miner benefitting from higher-grade ores.
The outperformance ensured the company delivered annual gold production in line with its announced guidance, generating 415,370 ounces (oz) for the full-year.
In its fourth-quarter update, the Egypt-focused miner revealed a performance uptick, producing 107,549 oz for the three months up to New Year.
Centamin operates Egypt’s only commercially producing gold mine, and revealed last month that a review of its Sukari gold mine in the country indicated the largest reserve growth in a decade.
The discovery will bolster its long-term plan to produce 500,000 ounces per annum of the metal over the next 10 years
The UK-listed company also reported significant revenue generation alongside elevated gold sales.
Centamin reported fourth-quarter revenues of $183m, generated from gold sales of 99,936 oz at an average realised gold price of $1,828 per oz sold.
This capped off its full year revenues at $733 million, generated from gold sales of 407,252 oz over the year for $1,797 per oz.
Annual costs were also delivered in line with guidance – with fourth-quarter cash costs of $972 per oz produced and all-in sustaining costs of $1,256 per oz sold.
This was slightly above full-year cash costs of $859 per oz produced and $1,211 per oz sold, which was at the midpoint of annual guidance.
Centamin will publish its wider full year 2021 financial results and propose its final dividend in March.
The gold miner has also reported progress on capital projects, exploration activities remaining on schedule.
This includes the fourth-quarter exploration spend of $6m on advancing the Doropo and projects in Côte d’Ivoire.
It also has maintained a strong balance sheet with no debt or hedging, with cash and liquid assets of $257m.
Centamin also anticipates no material impacts Covid-19.
Health protocols remaining in place, while supply chains and gold shipments have not been materially impacted
The company’s 2022 guidance unchanged, with aim of gold production reaching 430,000 to 460,000 oz
Chief executive Martin Horgan said: “
The final quarter delivered what was a highly successful 2021, resulting in Centamin delivering annual gold production and costs at the midpoint of our guidance. 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, in addition to identifying significant upside growth opportunities. Excellent progress was made against our key capital projects as we continue to invest in the future of our assets.”