Centamin plc (CELTF.PK,CEY.L,CEE.TO), on Thursday, reported a 41% growth in Q4 revenue and issued gold production guidance for the fiscal year 2024.
The company's Q4 revenue was US$265.2 million, 41% higher than the previous year's US$188.5 million. Q4 revenue reflects gold sales of 133,465 oz at an average realised gold price of US$1,983/oz sold.
Adjusted capex declined 26% to $48.1 million from $64.8 million last year, while gross capex decreased 48% to $36.2 million from $69.9 million in the prior year period.
Further, the company reported annual gold production in line with 2023 guidance of 450-480koz. Fourth-quarter production was 128,127 ounces, totalling 450,058 oz produced for 2023.
Centamin expects FY24 gold production to be in the range of 470,000 - 500,000 oz per annum weighted evenly between H1:H2.
MARTIN HORGAN, CEO, said, "…We look forward to 2024, guiding for another increase in annual gold production. Combined with our disciplined approach to managing operating costs, Centamin is extremely well-positioned to benefit from the current strong gold price environment, as we complete our capex reinvestment programme and connect Sukari to the Egyptian national grid…"
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