Centamin plc has announced its full year results for the year 2023, highlighting that gold production reached 450,058 ounces, 2% higher than 2022.

Annual capital expenditure (capex) came in at $204 million, $68 million lower than guidance due to cost savings, reduced cost capitalization, and equipment rebuild schedule adjustments.

The company’s free cash flow reached $49 million. Sukari mine made a $121 million contribution, including $112 million of profit share and $45 million in cost recovery.

“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,” Martin Horgan, Centamin CEO, Commented.

“Despite ongoing local inflationary pressures, we reduced our AISC by $194/oz versus 2022, beating the lower end of our guidance range. With the reinvestment program ending in 2024, Sukari has been repositioned towards consistently delivering 500,000 ounces per annum over the long-term, with further growth and cost saving opportunities identified,” Horgan pointed out.

“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 decarbonization targets of reducing our scope 1 and 2 emissions by 30% by 2030,” Horgan noted.