9th Jul 2018 07:47
LONDON (Alliance News) - FTSE 250-listed Centamin PLC said Monday second quarter gold production from its Sukari mine in Egypt dropped 25% as underground grades fell below forecast.
For the three months to June 30, the miner produced 92,803 ounces of gold compared to 124,641 in the comparative year ago period.
In the six months to June 30, production fell 7% to 217,099 ounces form 233,828 ounces year-on-year.
"Materially stronger production is expected for the second half, driven by continued improvements in grade from the open pit as mining progresses into the sulphide ore and an increase in high grade stoping tonnes from the underground," the company said.
In May, the company revised its annual production guidance of between 505,000 and 515,000 ounces at a cash cost of production of USD625 to USD640 per ounce produced and an all-in sustaining cost of USD875 to USD890 per ounce sold.
Chief Executive Officer Andrew Pardey said: "We have experienced several challenges this year, resulting in the revision of our full year guidance in May.
"Our focus now remains firmly on delivering the underground operations back in line with forecasts and returning Sukari's production profile to a steady state," Pardey added.
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