Gold miner Centamin has kept its 2024 outlook unchanged as its adjusted earnings ticked up on higher gold production.
The London-listed miner said today that it pulled 450,058 ounces of gold out of the ground this year, around two per cent more than the year prior.
The company’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) leapt by 25 per cent to $398m, (£311.7m) supported by a robust balance sheet with cash and liquid assets of $153m (£119.8m).
It confirmed a final dividend of two cents a share, equating to $23m (£18m).
The group also invested less than expected, with a $204m (£159.7m) capital expenditure bill for the period, below guidance of $272m (£213m).
This the company said was down to cost savings, lower capitalisation of costs and changes to equipment rebuild schedules.
The group also said it has “re-positioned” the Sukari gold mine in Egypt towards consistently delivering an annual gold yield of 500,000 ounces, with an expected decrease in business costs once solar power generation capabilities had been set up.
Chief executive Martin Horgan said: “2023 is the third consecutive year that we have safely delivered on our production guidance, reflecting the operational improvements and flexibility from our three-year reinvestment plan.
“Despite ongoing local inflationary pressures, we reduced our AISC by $194/oz versus 2022, beating the lower end of our guidance range.”
The CEO continued: “Looking ahead to 2024, the grid connection project will continue our recent success in taking costs out of the business whilst delivering into our near-term de-carbonisation targets of reducing our scope 1 and 2 emissions by 30 per cent by 2030.”
Along with most other commodity producers, Centamin generated record revenue in 2020 as the coronavirus pandemic pushed precious metal prices higher around the world.
Centamin said that revenues for the period totalled $829m, from gold sales of 468,681 ounces at an average realised gold price of $1,766 per ounce sold.