Centamin PLC on Thursday maintained its guidance for 2023 and revenue and production increase in the first quarter from a year before.

Centamin is a London-based gold producer with interests in Egypt, Burkina Faso and the Ivory Coast. All of its production currently is from the Sukari gold mine in Egypt, near the Red Sea.

Revenue for the first quarter was $205.2 million, up 18% from $174.6 million a year earlier.

Gold production was 105,875 ounces, up 14% from 93,109 ounces a year before but down 3.4% from 109,564 ounces in the fourth quarter of 2022.

Centamin kept its 2023 gold production guidance range at 450,000 to 480,000 ounces per annum, weighted towards the second half.

Cash costs in the first quarter were $937 per ounce produced, while all-in sustaining costs were $1,348 per ounce. Guidance for 2023 was kept at cash costs of $840 to $990 per ounce and AISC of $1,250 to $1,400 per ounce.

Spot gold was quoted at $1,998.45 an ounce on Thursday.

Chief Executive Officer Martin Horgan said: ‘These results reflect a good start to the year, with the Sukari team delivering another consistent performance in line with our operational plan, as well as making great progress on our key capital projects. Our mining operations continue to benefit from both increased flexibility in the open pit, as a result of the accelerated waste-mining strategy and operational productivity gains, as well as improved productivity and performance from the underground mine, following the transition to owner mining in 2022.

‘We reiterate our 2023 guidance and look forward to reporting later in the year on several additional projects which will deliver growth and underpin returns.’

Shares were down 1.5% at 104.83 pence each on Thursday morning in London.

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