Q3 2024 Centamin PLC Earnings Call Transcript
Key Points
- Centamin PLC (CELTF) produced 131,000 ounces of gold in Q3, with sales of nearly 150,000 ounces due to timing from Q2.
- The company maintained strong cost control with cash costs of $766 per ounce and an all-in sustaining cost of just over $250 per ounce.
- Revenue for the quarter was $369 million, with a significant increase in free cash flow to $103 million, marking a 730% year-on-year increase.
- Centamin PLC (CELTF) has a robust balance sheet with over $240 million in cash and liquid assets.
- The company is on track to meet its production and cost guidance for the year, with continued momentum expected into Q4.
- The company reported a couple of Lost Time Injuries (LTIs) during the quarter, highlighting safety concerns.
- There are ongoing restrictions on discussing certain details due to the UK takeover code related to the Anglo Gold transaction.
- The company is still awaiting finalization of government engagement and permitting processes in West Africa.
- Despite strong performance, there is uncertainty surrounding the future structure of the company due to the proposed acquisition by Anglo Gold.
- The company faces challenges in maintaining operational safety, with a group Lost Time Injury Frequency Rate (LTIFR) of 0.65 per million hours worked.
Good day, ladies and gentlemen and welcome to Centamin Q3 2024 results. (Operator Instructions)
I would like to remind all participants that this call is being recorded. I want to hand over to Michael Stoner head of corporate to begin the presentation. Please go ahead.
Thank you, Gavin. So before we begin, please, could we draw your attention to the disclaimer on slide 2? And as I'm sure you've all noted on the September 10, we announced the recommended firm offer for Anglo gold to acquire the entire issued and to be issued capital, chair, capital of Centamin.
As a result, we're under a number of restrictions in terms of what we can discuss today due to the requirements of the UK takeover code. We'll do our best to be helpful during Q&A however, please note we are unable to provide any further detail beyond what is disclosed in the 2.7 announcement and the scheme document.
So please where possible try and keep the Q&A to the operating performance for the quarter. And with that
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