Centamin PLC on Wednesday posted lower gold production and sales for the third quarter compared with the April-July period, guided for free cash of $135 million-$145 million in 2020, and forecast lower production in 2021.
The London- and Toronto-listed miner said production fell 2% to 128,240 gold ounces in the three months ended Sept. 30, amid slightly weaker ore mined and recovery rates. Sales declined 9% to 118,617 ounces, but this was offset by a 12% increase in average prices–to $1,933 per ounce.
Revenue for the quarter was $230 million, 43% higher than a year earlier.
Centamin also reaffirmed 2020 production guidance of 445,000-455,000 ounces, with all-in sustaining costs of $950-$1,050 per ounce. Free cash flow expectations are $135 million-$145 million.
As for 2021, Centamin said production will decline to 400,000-430,000 tons with AISC costs of between $1,200 and $1,275 per ounce sold.
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