Quarterly update lifts Centamin

The price of shares in FTSE 250 gold firm Centamin (LON:CEY) climbed 2.47% to 192.55p (as of 12:45 BST) after the company reported that operations and gold shipments were not materially affected by COVID during the three months ended 30th June. Gold production for the quarter was up and production costs also fell.

CEO Martin Horgan commented: “Today’s results reflect a good first half performance for 2020. Despite the considerable challenges presented by COVID-19, the operating team at Sukari have been fast-acting and agile in their response to protect the health, safety and wellbeing of our workforce, inclusive of contractors, while maintaining the continuity of our operations through extended staff rosters, supply chain micro-management and operational planning. I would like to thank them for their commitment which has enabled us to deliver this positive performance.

“Whilst we continue to actively manage the potential future impacts of COVID-19, we remain confident we are on track to meet guidance and have narrowed the production range to 510,000 to 525,000 ounces and kept cost guidance unchanged.

“Finally, I wish to thank our Sukari stakeholders, inclusive of the Egyptian government, our partners EMRA and the local community of Marsa Alam – their support has enabled us to operate safely and responsibly and the strength of our partnership will be a key aspect of our continued joint success“.