In the announcement of its quarterly performance results for Q2 2022, Centamin reported increased gold production of 110,788 ounces (oz) for the three months ending on June 30, an 11% increase compared to the same period of 2021 and a 19% growth from the output in Q1 2022. The production increase reflects the benefits of the improved open pit grade and the underground transition.

The company also reported strong revenues reaching $207.2 million, which were generated from sales of 111,027 oz of gold at a realized average gold price of $1,863/oz.

“Sukari delivered the planned increase in production during Q2 2022 and we remain on track to meet full-year production and cost guidance. Q2 2022 was the first full quarter of underground owner operations at Sukari following the transition from contractor operations during Q1 2022 and the Sukari team delivered significant improvements in both productivity and costs,” Martin Horgan, Centamin’s CEO, commented.

He added: “Continued progress was made at our key projects and we remain focused on cost control across all our operations with a number of initiatives targeting completion in H2 2022 that are expected to partially offset the current inflationary environment. We look forward to announcing our detailed half-year financials and declaring the interim dividend on 4 August 2022.”