The Centamin PLC (LON: CEY) share price fell 4.66% after releasing its financial results and trading update for the three months ended 30 September 2023, also known as its fiscal Q3. The gold mining company reported mining 101,370 ounces of gold in the quarter, bringing its total for the nine months to 321,931 ounces.
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The company noted that its gold production was on track to hit the lower end of its guidance for the year. The firm also generated revenues worth US$200.4 million during the quarter, bringing its total for the nine months to September to US$626 million. Centamin sold 103,807 oz to generate the above revenues.
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The cash costs for gold production amounted to US$882 per ounce, with a year-to-date average of US$859 per ounce. The company is focused on achieving the lower half of its 2023 guidance range.
The All-In Sustaining Costs (AISC) for gold sold reached US$1,266 per ounce, with a year-to-date figure of US$1,240 per ounce. The company targets the lower end of its 2023 guidance range, emphasising cost efficiency.
Capital expenditures for the period stood at US$59.1 million, reflecting cost savings driven by lower fuel expenses and an optimised open pit fleet maintenance strategy in alignment with the new Sukari life-of-mine plan.
The Sukari 30MWAC solar plant has been operating at nameplate levels for twelve months as of September. This achievement has successfully displaced 22 million litres of diesel fuel with renewable power, significantly reducing greenhouse gas emissions by approximately 59,000 tonnes of CO2 equivalent.
On October 12, 2023, the company unveiled the Sukari new life-of-mine plan.
MARTIN HORGAN, Centamin’s CEO, commented: “We maintain our commitment to safety and are pleased to announce zero lost time injuries in the quarter. Operationally, the decision to complete the plant maintenance demonstrates our commitment to the long-term stewardship of Sukari and due to our operational flexibility, 2023 production guidance is maintained. Today’s results reflect another period of disciplined cost management, putting us on target for the lower half of our 2023 cost guidance range. Our financial strength and the savings made against our 2023 budget have also given us the flexibility to accelerate some key 2024 capital expenditures into 2023 without impacting guidance.”
Centamin share price.
The Centamin share price fell 4.66% to trade at 80.990p, from Wednesday’s closing price of 84.950p.
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