Centamin PLC on Thursday said it had met its 2023 gold output target and saw its revenue rise by double digits.

The Jersey-based gold producer, which has interests in Egypt, Burkina Faso and the Ivory Coast said it delivered annual gold production of 450,058 ounces, in line with its guidance of 450,000 to 480,000. This reflects a 2.1% increase from the 440,974 oz of gold produced in 2022.

Production for the fourth quarter of the year was 128,127 ounces, up 17% from 109,564 oz in the corresponding quarter in 2022.

Centamin generated quarterly revenue of $265 million, which came from gold sales of 133,465 oz at an average realised gold price of $1,983/oz sold, the company said. This is a 41% increase from $188 million the year before.

Meanwhile, revenue for 2023 was $892 million, generated from gold sales of 456,625 oz at an average realised gold price of $1,948/oz sold. This reflects a 13% rise from $787 million in 2022.

Looking ahead, Centamin set its gold production guidance within a range of 470,000 to 500,000 oz per annum weighted evenly between the first and second half of 2024.

Chief Executive Officer Martin Horgan said: ‘We look forward to 2024, guiding for another increase in annual gold production. Combined with our disciplined approach to managing operating costs, Centamin is extremely well-positioned to benefit from the current strong gold price environment, as we complete our capex reinvestment programme and connect Sukari to the Egyptian national grid.

‘Our strategic focus remains on growth as we continue to define and convert resources to reserves at Sukari, build on our recent exploration success at EDX and progress towards a financial investment decision at Doropo in [Ivory Coast].’

Shares in Centamin were up 2.3% at 93.60 pence each in London on Thursday morning.

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