Centamin says second quarter gold production exceeds expectations at nearly 131,000 ounces
That was above forecast, partly because of higher mill feed grades but also because, as a precautionary measure due to the coronavirus pandemic, plant maintenance shutdowns have been deferred to the third quarter.
Production for the six months to end-June totalled 256,084 ounces.
Cash costs for the second quarter ran at US$625 per ounce produced, with all-in sustaining costs running at US$900 per ounce sold. Adjusted free cash flow for the second quarter was US$56mln.
The company has a strong balance sheet with cash and liquid assets of US$367mln, as at 30 June 2020, after payment of the first interim dividend of $69mln on 15 May 2020.
“Today’s results reflect a good first half performance for 2020,” Centamin chief executive Martin Horgan said in a statement.
“We remain confident we are on track to meet guidance and have narrowed the production range to 510,000 to 525,000 ounces and kept cost guidance unchanged.”