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Centamin achieves 2020 production target in Egypt despite 6% gold output drop

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(Kitco News) - Centamin reported today 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% decline over 2019 (480,528 oz) and in-line with annual production guidance of 445,000 to 455,000 oz.

The company expects 2021 gold production of 400,000 to 430,000 oz, at cash costs of US$800-900/oz produced and AISC of US$1,150-1,250/oz sold.

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

Centamin's principal asset, the Sukari gold mine in Egypt, is a long-life, bulk tonnage open pit and underground operation. It began 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.

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