8th Oct 2015 06:32
LONDON (Alliance News) - Centamin PLC Thursday said production was in line with its forecasts in the third quarter of 2015 and said production is on track to hit the company's full year guidance.
The FTSE 250-listed gold miner produced 105,413 ounces in the third quarter of 2015. That is up 13% from a year earlier when it produced 93,624 ounces, but slightly down from the 107,781 ounces produced in the second quarter of 2015.
"Quarterly production was comparable with both the first and second quarters and in line with our forecast for the period. Plant productivity remained above the 10.0 million tonne per annum nameplate capacity and we continue to expect further throughput increases as optimisation continues over the coming quarters," said Chief Executive Andrew Pardy.
"The open pit and underground mining operations delivered an increase in material movement over the previous quarter and with open pit grades set to increase towards the reserve average in the fourth quarter," he added.
Centamin's flagship project is the producing Sukari gold mine in Egypt, which sits alongside other development and exploration operations in Ethiopia, Burkina Faso and the Ivory Coast.
The company aims to produce 430,000 to 440,000 ounces of gold in 2015, at a cash cost of USD700 per ounce and an all-in sustaining cash cost of USD950 per ounce.
By Joshua Warner; [email protected]; @JoshAlliance
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