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Gold miner Centamin reported a rise in annual profit, led by a jump in gold prices as volatility in investment markets increased safe-haven demand.
For the 12 months ended 31 December, pre-tax profit increased 13% to $173m as revenue rose 7% to US$658.1m.
Gold production and sales were in the bottom half of the guidance range, but rising gold prices helped bolster performance.
Gold production was 480,528 ounces, broadly in-line with the lower end of guidance of 490,000 ounces.
Annual gold sales fell 3% to 470,020 ounces, but the average price of gold at US$1,399 per ounce, was up 10% year-on-year.
The company maintained its full-year guidance for 2020, targeting production between 510,000-to-540,000 ounces of gold, at cash costs between US$630-to-680 per ounce produced and all in sustaining costs (AISC) between US$870-to-920 per ounce sold.
'We have made a good start to 2020 with production and costs on track. The global uncertainty around the impact of the Covid-19 pandemic has created significant volatility in the global investment markets, resulting in increased safe-haven investing,' Centamin said.