25th May 2018 09:20
LONDON (Alliance News) - Centamin PLC shares were rocked Friday as it lowered its production guidance at its Sukari gold mine in Egypt.
Shares in Centamin were down 17% to 132.34 pence each Friday morning.
The gold mining company lowered its 2018 guidance to 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.
Earlier this month, when posting first-quarter results, Centamin had maintained its annual production guidance of 580,000 ounces at a cash cost of USD555 per ounce and all-in-sustaining cost of USD770 per ounce.
Centamin said its total underground production is about 10% below forecast. The availability of equipment has led to lower ore tonnage production mined, while development tonnage mined has increased, leading to a 50-50 split.
The company has mobilised a second crew and equipment in April as "exploration and development ramps up".
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