- Centamin reported Thursday a modest fall in profits as a rise in gold output and sales was offset by a 9% decline in gold prices.

Gold production increased by 27% to 117,720 ounces of gold and gold sales rose 9% to 106,798 ounces but on a lower average realised gold price of $1,206 per ounce, a decrease of about 7% quarter-on-quarter, the company said.

The decrease in gold prices weighed on revenue, which rose just 1% to $125.1m quarter-on-quarter, while profit before tax fell 1% to $21.8m quarter-on-quarter.

The company said it was on track to produce 145,000 ounces of gold in the fourth quarter. For the full year, production is expected to come in at 480,000 ounces of gold.

The company said an all-in-sustained-cost (AISC) per ounce sold would be at the top end of the guidance range of $875 to $890 per ounce sold. While full-year capital expenditure is expected to fall to $125m.

Story provided by