Half Year 2024 Centamin PLC Earnings Call Transcript
Key Points
- Centamin PLC (CELTF) reported a solid first half of 2024, with production and cost metrics largely on track.
- The company maintained its guidance for 470,000 ounces of gold production for the year, with cash costs between $700 to $850 per ounce and all-in sustaining costs (AISC) between $1,200 to $1,350 per ounce.
- Significant progress was made on the Doropo project, including the approval of the Environmental and Social Impact Assessment (ESIA) and the release of a robust feasibility study.
- The company has successfully promoted internal talent, including the appointment of a new Chief Operating Officer (COO) and other key management positions.
- Centamin PLC (CELTF) reported a 9% increase in revenue year-on-year, driven by higher average realized gold prices and strong operational performance.
- The company experienced slightly unusual cash costs and AISC figures, which were attributed to changes in the strip ratio and the reclassification of waste to ore.
- There were two Lost Time Injuries (LTIs) at the EDX project during the second quarter, impacting the company's safety record.
- The grid connection project faced delays due to changes in the Egyptian government, potentially pushing the energization date into the first half of next year.
- The company had to reallocate some costs from capital expenditure to operating expenditure, affecting the cash cost metrics.
- The timing of gold pours versus shipments led to a larger-than-normal impact on unit metrics, which is expected to stabilize over the second half of the year.
Good day, ladies and gentlemen, and welcome to Centamin's half-year 2024 results. (Operator Instructions) I would like to remind all participants that this call is being recorded.
I will now hand over to Martin Horgan, CEO. Please go ahead.
Thank you very much, and good morning, everybody, and welcome, as it was mentioned, to our half-year results of Centamin, July 2024. As mentioned, Martin Horgan, CEO. I'm delighted to be joined today by my colleagues, Ross Jerrard, CFO; and Michael Stoner, Head of Corporate.
Moving on to the next slide. Thank you, Rich. The standard disclaimer, which I'm sure everybody will read at their leisure, then moving off the first slide, please.
So our integrated pipeline there, something that we show at the start of every presentation, just indicating that, of course, we do believe that we have an organic growth pipeline driven by the success of Sukari; the emerging, Doropo; excellent, EDX; and across the emerging potential of ABC
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