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Centamin reiterates FY outlook despite lower gold output, sales in Q1

Wednesday, 24th April 2019
Centamin saw gold output and sales slip in the first quarter of the year, but maintained its full year guidance amid better-than-expected production at its Sukari Gold Mine.

Total gold produced fell 7% to 116,193 ounces and sales fell 15% to 111,365 ounces.

The Sukari mine produced 116,183 ounces of gold in the first quarter, above forecast of 105,000 - 115,000 ounces.

The company reiterated annual guidance for 2019, with gold production forecast in a range of 490,000 to 520,000 ounces, at cash costs of US$675-725 per ounce produced and an All-in Sustaining Cost of US$890-950 per ounce sold.

The company also said that it would release 3-year outlook, including 2020 and 2021 guidance, in Q2 2019.

'We have made a solid start, delivering Q1 ahead of expectations. Despite being the weakest quarter forecasted for 2019, it is encouraging to see the systems and process upgrades across all sections of the mine positively impacting performance. The Company is on track to deliver annual production and cost guidance for 2019. The focus remains firmly on delivering continued operational progress through tight compliance to plan,' said Andrew Pardey, CEO.

'A stronger second half for the year is forecast, delivering approximately 55% of the annual production guidance during H2 2019. This will be driven by increasing quarter on quarter open pit ounce contribution, as the grade profile improves with depth, and further optimisation of our underground operations.'

At 8:06am: (LON:CEY) Centamin PLC share price was +4.59p at 84.43p

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