9th Jan 2019 07:47
LONDON (Alliance News) - Egyptian miner Centamin PLC reported a drop in annual production on Wednesday, though fourth quarter output improved on the prior three months.
For 2018, Centamin's gold production was 472,418 ounces, 13% lower than the 544,658 ounces produced in 2017.
The FTSE 250 miner's output for the last three months of 2018 was 137,600 ounces, up 17% on the prior quarter but down 11% year-on-year.
At the end of December, Centamin had warned production at its Sukari mine in Egypt was below forecasts, meaning 2018 could be below guidance of 480,000 ounces, a figure it has missed.
Centamin mined 5.0 million tonnes of ore from the open pit in the fourth quarter at Sukari, down 24% quarter-on-quarter, but grade improved 18% to 0.75 grams of gold per tonne of ore.
Underground, Centamin mined 314,000 tonnes of ore in the fourth quarter, down 4% quarter-on-quarter, at an average grade of 6.2 grams per tonne, a 20% rise on the third quarter.
Chief Executive Andrew Pardey said: "Concluding an operationally challenging year, the fourth quarter delivered further improvement in the grade from both the open pit and the underground stoping, whilst underground development focused on longer term production access.
"We look forward to 2019, where the focus remains on ensuring delivery of grade and as such gold production from Sukari, supported by tight cost control across all areas of the organisation and returns for our shareholders."
Related Shares:
Centamin PLC