30th Jan 2014 10:10
LONDON (Alliance News) - Centamin PLC Thursday forecast that production at its Egyptian Sukari gold mine will increase by 18% in 2014.
The FTSE 250-listed metals and minerals producer said the site is expected to produce 420,000 gold ounces at a cash operating cost of USD700 per ounce, representing an 18% increase on 2013 production and making for a fifth successive year of output growth at the site.
The company said its stage four expansion plan for the site is currently in the commissioning phase and throughput is expected to steadily increase during the year, providing the ability for the company to deliver on its long-term production target of 450,000 to 500,000 gold ounces per year.
Centamin recently said it increased production in 2013 to a full-year rate of 356,943 ounces of gold, a 36% increase on 2012 and above the company's guidance of 320,000 ounces.
The company noted that its underground exploration drilling is ongoing, and a recent test encountered significant mineralisation of 10 metres at 162 grams per tonne of gold.
Centamin shares were up 1.5% to 44.91 pence putting it in the top FTSE 250 movers Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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