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Centamin has released its Q4 & FY results for 2021 which finished within guidance and market consensus.
Guidance for 2021 was:
• Gold production of 400,000 to 430,000 – Actual result was 415,370oz
• Cash costs of $800-900 per oz – Actual result was $859 per oz
• AISCs of $$1,150-$1,250 – Actual result was $1,211 per oz
The production and cost performance in 2021 was achieved, with record safety performance, whilst Centamin delivers on its four-year plan, based on the life of asset review initiated in October 2020, to reset the Sukari mine to deliver, consistently, to its target of 450,000-500,000oz per annum at AISCs below $900 per oz.
Centamin finished the year with $257m in cash and equivalents, which excludes $20m of bullion sold immediately after the period end.
Looking into 2022 production guidance is increased to 430,000 to 460,000 oz, with cash costs of US$900-1,000/oz produced and AISC of US$1,275-1,425/oz sold as the Company invests $215m of further capex to deliver on its stated plan.