Centamin achieves 2020 Egypt production target despite 6% gold output fall

London-listed Centamin reported on Tuesday that gold production from the Sukari gold mine in Egypt for the fourth-quarter 2020 was 67,996 ounces (oz), which is in-line with the quarterly guidance range of 60,000 to 70,000 oz.

Gold production for 2020 was 452,320 oz, a 6 percent fall over 2019 (480,528 oz) and in-line with annual production guidance of 445,000 to 455,000 oz, the company added.

Centamin is seeing gold production of 400,000 to 430,000 oz for 2021, at cash costs of $800-900/oz produced and AISC of $1,150-1,250/oz sold.

According to the company, 2021 capital expenditure is estimated at $225 million, including investment to improve mining flexibility – increased open pit stripping programme and increased underground development – and identified growth projects.

Centamin further said its principal asset, the Sukari gold mine in Egypt, is a long-life, bulk tonnage open pit and underground operation. It commenced production in 2009 and is the first large scale modern gold mine in Egypt, as well as one of the world’s largest producing mines.