Centamin, the leading global company in gold mining and exploration in the Sukari and Eastern Desert Mines, plans to increase its annual production from 450,000 ounces in 2023 to between 470,000 and 500,000 ounces in 2024.
The company also achieved revenues of $892m in 2023, with $265m coming from the last quarter alone. The company had $153m in cash and liquid assets by the end of 2023, and a total liquidity of $303m, including a $150m revolving credit facility linked to sustainability.
Martin Horgan, CEO of Centamin, said, “Centamin delivered a strong performance in 2023. We improved the occupational safety rates of our mining operations, met our productivity targets for the third consecutive year, and beat our drilling and production cost estimates for 2023. We are looking forward to increasing our gold production in 2024 while maintaining optimal operational cost management.”
Horgan added that Centamin is working on completing a capital reinvestment program and connecting the Sukari mine to Egypt’s national electricity grid.
Horgan continued: “Centamin achieved remarkable results as we sold 456,625 ounces of gold at an average price of $1,948 per ounce in 2023. Our cash costs for 2023 ranged from $840 to $990 per ounce. Our cash costs in the fourth quarter were $984 per ounce, with an annual average of $895 per ounce in 2023. Our total cost per ounce was $1,220 for 2023, which is $30 lower than our planned cost. Our total annual capital expenditure was $202m, which is below our target of $272m.”
Horgan explained that the capital spending in the last quarter was affected by lower diesel prices, lower operational costs than expected, and delayed payment for the energy network project until the first quarter of 2024. He also said that the company finalized the new Sukari Mine Life Plan, which offers higher gold production, lower operating costs, and reduced operational risks and CO2 emissions.
Horgan added: “The safety of our workers is our top priority. We achieved 9.5 million working hours in the Sukari gold mine without accidents. We had no accidents that resulted in work stoppage in the fourth quarter in any of our assets. Moreover, our recordable injury rate for the fourth quarter was 0.97 per million hours worked, which is a 67% improvement compared to the fourth quarter of 2022.”
Regarding the group’s proven and probable reserves and resources, they increased to 3.5 million ounces by the end of 2023, surpassing our previous goal of 3.0 million ounces. This growth was driven by adding 1.6 million ounces to the Sukari mine reserves and announcing 1.9 million ounces in the Drobo mine in Ivory Coast.
Regarding the manufacturing process, 3.2 million tonnenes of ore were processed in the fourth quarter (FY: 12.0 million tonnenes), an increase of 5% compared to last year, with an ore concentration rate of 1.35 g/t Au (FY: 1.27 g/t Au), which is an increase of 10% compared to last year as a result of the increase in the ore extracted from underground during the quarter and the ore with a higher concentration. The plant’s gold recovery rate for the fourth quarter was 89.1% (FY: 88.7%), above target numbers, thanks to higher grades, the use of new chemicals, and improved ore crushing control. During the quarter, the ending inventory balance reached 21.0 million tonnes with a grade of 0.47 g/t Au.
Horgan expressed his gratitude to all Centamin employees for their continuous hard work and commitment to achieving these exceptional results.
Data from the Central Agency for Public Mobilization and Statistics revealed a decline in the value of trade between Egypt and European Union countries, recording $31.2 billion in 2023, compared to $38.6 billion in 2022, a decrease of 19.2%.
The European Union member states include Austria, Belgium, Bulgaria, Croatia, the Republic of Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden).
The agency's data showed a decline in the value of Egyptian exports to European Union countries to record $11.8 billion in 2023, compared to $17.3 billion in 2022, a decrease of 31.8%.
Italy came at the top of the list of European Union countries in terms of Egyptian exports during the year 2023, with the value of Egypt’s exports amounting to $3.1 billion, followed by Spain with a value of $1.8 billion, then Greece with a value of $1.6 billion.
Regarding the most important groups of goods that Egypt exported to European Union countries for the year 2023, she explained that they are represented by fuel, mineral oils, and their distillation products, worth $2.9 billion, and iron and steel, worth $1.2 billion.
Egypt exported fertilizers worth $987 million to European Union countries, machinery, electrical appliances, plastic parts and their products worth $977 million, and plastics and their products worth $848 million.
The value of Egyptian imports from European Union countries decreased to record $19.4 billion in 2023, compared to $21.3 billion in 2022, a decrease of 9%.
Germany was at the forefront of the European Union countries in terms of Egyptian imports during the year 2023, with the value of Egypt’s imports amounting to $4.1 billion, followed by Italy with a value of $3.2 billion, then France with a value of $1.6 billion.
Regarding the most important groups of goods that Egypt imported from European Union countries for the year 2023, the data stated that they are boilers, machines, automatic devices and their parts worth $2.7 billion, and pharmaceutical products worth $2 billion.
Egypt imported from European Union countries fuel, mineral oils, and their distillation products worth $1.8 billion, cars, tractors, bicycles and their parts worth $1.6 billion, and iron and steel - steel worth $1.1 billion.
The value of remittances from Egyptians working in European Union countries recorded $652 million during the fiscal year 2022/2023, compared to $828.2 million during the fiscal year 2021/2022, a decrease of 21.3%.
Germany ranked at the top of the European Union countries in remittances from Egyptians working in it during the fiscal year 2022/2023, amounting to $129.8 million.
The value of remittances from foreigners in European Union countries working in Egypt recorded $56.2 million during the fiscal year 2022/2023, compared to $54 million during the fiscal year 2021/2022, a decrease of 4.1%.
The value of investments by European Union countries in Egypt amounted to $8.2 billion during the fiscal year 2022/2023, compared to $3.2 billion during the fiscal year 2021/2022, an increase of 156.3%.
This comes in the statement issued by the agency as part of its keenness to follow up on the activities and official visits of President Abdel Fattah El-Sisi, who today received a high-level European delegation. The European delegation includes the President of the European Union Commission, the Prime Minister of Belgium, the current President of the European Union, and the heads of state and government of Cyprus. Italy, Greece and Austria, in order to strengthen the partnership between Egypt and the European Union countries.