3rd Oct 2019 08:54
(Alliance News) - Centamin PLC on Thursday said long-serving Chief Executive Andrew Pardey intends to retire.
The Nomination Committee, chaired by Edward Haslam, is initiating a search process to find a new CEO, the FTSE 250-listed gold mining company said.
Pardey will continue with his responsibilities, Centamin noted, while assisting the search process and facilitating an orderly handover to the appointed successor, within his 12-month notice period.
"I have had the pleasure of working with Andrew for nearly 12 years, from when he joined Centamin as the general manager at Sukari," said Chair Josef El-Raghy. "Andrew has worked tirelessly and with great sacrifice during his tenure."
Turning to third-quarter production, Centamin previously had reported that it was behind expectations, primarily due to reduced open pit mining rates on the higher-grade stage 4 west wall.
On Thursday, the company said it expects total gold production for the three months to the end of September to be between 97,000 and 98,000 ounces, bringing production for the first nine months of 2019 to between 331,000 and 332,000 ounces.
During the third quarter, there have been significant changes to the operational team at Sukari, Centamin said, and with the planned mining of higher-grade material from the open pit and underground, the lower end of annual guidance range - 490,000 ounces - "remains achievable".
The third-quarter report is scheduled to be published on October 23 and will include a more detailed outlook for the fourth quarter, Centamin said.
Centamin shares were trading 3.4% lower on Thursday in London at 120.80 pence each.
By Evelina Grecenko; [email protected]
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