Worker holding a gold bar. Centamin.
The company produced 450,058 ounces of gold in 2023, up from 440,974 ounces in 2022.
The fourth quarter revenue reached $265.24 million, up from $200.4 million in the previous quarter.
Centamin’s CEO Martin Horgan said the company worked 9.5 million injury-free hours in Q4 alone and recorded zero lost-time injuries across all assets in Q4.
“We look forward to 2024, guiding for another increase in annual gold production. With its disciplined approach to managing operating costs, Centamin is extremely well-positioned to benefit from the current strong gold price environment as it completes its capex reinvestment programme and connects Sukari to the Egyptian national grid,” Horgan added.
In December, Centamin raised its estimates of gold reserves in Sukari by 10 percent, from 5.3 million to 5.8 million ounces.
According to Nagi Farag, advisor to the Egyptian minister of supply for gold affairs, Egypt’s total gold reserves amount to at least 25 million ounces (or over 781 tons).
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