9th Jul 2015 07:00
LONDON (Alliance News) - Centamin PLC Thursday said gold production in the three months to the end of June experienced a slight fall quarter-on-quarter but was significantly up year-on-year as the company reiterated its full year guidance.
The FTSE 250-listed miner reported a 33% year-on-year rise in gold production in the second quarter to 107,871 ounces from 81,281 ounces. However, this was down from the previous quarter when it produced 108,233 ounces of gold.
More of the company's production came from underground mining in the period, rising 7% quarter-on-quarter as production from the open pit fell by 15%.
"Production in the second quarter was comparable with the first quarter, exceeding the level forecast in our Capital Markets Day presentation in May 2015," said Chief Executive Andrew Pardy.
"The underground mine also performed slightly ahead of expectation. We continue to expect open pit grades to progressively increase to the reserve average in the second half of the year and quarterly guidance remains as outlined in our recent Capital Markets Day presentation, which would result in full-year production of between 430,000 and 440,000 ounces," he added.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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