Centamin PLC (LON:CEY) production dropped sharply in the final quarter as it started remedial work on one of the pits at its Sukari mine in Egypt.
The gold miner had already warned production would be below previous estimates due to the disruption at Sukari.
Output in the fourth quarter dropped to 68,000 ounces and for the 2020 year totaled 452,300oz (2019: 480,500oz), which was in the middle of the FTSE250 group’s revised guidance.
Revenues for the quarter were US$150mln with a rise in the average gold price received to US$1,887 per oz helping to boost the numbers.
In the full year to end-December 2020 revenues were US$829mln and for the current year to end-December 2021, Centamin reiterated previous guidance of 400,000 to 430,000 oz at cash costs of US$800-900/oz produced and sustaining costs of US$1,150-1,250/oz sold.
Martin Horgan, chief executive, added: “Today’s Q4 and subsequent full year 2020 results were delivered in-line with the revised guidance we issued in October.
“This follows the capital markets event we hosted in December, where we presented the conclusions of the Phase 1 Life of Asset review and three-year outlook, detailing clear cost-saving, exploration and productivity initiatives, forming part of our plans to unlock Sukari’s potential.”