TSX- and LSE-listed Centamin increased production at its flagship Sukari mine, in Egypt, by 30% year-on-year to 131 726 oz in the quarter ended September 30, taking output for the nine months to September 30 to 356 465 oz.

Gold sales increased by 44% year-on-year to 149 659 oz for the third quarter.

“This strong performance follows our significant investment in operational improvements which positioned us to capitalise on the current record gold price.

“The improved production and continued cost discipline resulted in $103-million in free cash flow in the third quarter – 730% higher year-on-year,” CEO Martin Horgan comments.

He adds that the company expects the third-quarter gold production rate to be sustained for the rest of this year.

Centamin’s gold production guidance for the full-year has been set at 470 000 oz to 500 000 oz.

Production performance is tracking towards the mid-point of guidance, the gold miner notes.

Concurrently, the company continues to advance organic growth opportunities within its portfolio, Horgan informs.

“We are actively following up on the recent exploration successes from our Eastern Desert Exploration drilling programme, with the second phase of drilling nearing completion. We are also making good progress with our mining licence application for the Doropo project, in Côte d'Ivoire, which we expect to be granted by the end of 2024, ahead of a final investment decision,” he outlines.

Cash costs for the period were $766/oz and all-in sustaining costs $1 256/oz.

Capital expenditure was $67-million, including raising tailings storage facility 2, openpit and underground fleet purchases, equipment rebuilds and underground infrastructure.

Mining contractor Capital successfully completed additional waste mining operations in the third quarter and has begun to demobilise its earthmoving fleet.

This will result in normalised mining volumes from the openpit and a reduction in overall openpit mining unit costs going forward.