Centamin gross revenues increased by 7% in 2019, recording $658.1 million against $614.8 million in 2018, according to a statement.
The company has announced its annual results for 2019 denoting significant progress in its operations compared to 2018. Centamin’s gold production was estimated at 480,528 ounces (oz) in 2019, increasing by 2% from 2018’s 472,418 oz. The company sold 470,020 oz in 2019 with an average realized price of $1,399/oz, against 484,322 oz in 2018 but at an average realized price of $1,267/oz.
Additionally, Centamin improved free cash flow by 17% recording $74.3 million, after profit share distribution of $87.1 million and royalty payments of $19.7 million to the Egyptian government.
It should be noted that Centamin has not been interrupted by the coronavirus (COVID-19), and plans to produce between 510,000-540,000 oz of gold in 2020.
Centamin’s CFO, Ross Jerrard, commented that “2019 was characterized by continued operational improvements at Sukari, a strong financial performance, excellent exploration target generation, significant progress meeting our environmental, social and governance (ESG) initiatives, and a continued focus on delivering returns to all of our stakeholders,”