Centamin’s CEO Andrew Pardey calls it quits as Sukari battles to meet output guidance

Andrew Pardey, CEO, Centamin

CENTAMIN CEO, Andrew Pardey, has resigned from the UK-listed gold producer ending 12 years with the company where he started as general manager of Sukari, its Egyptian mine.

“It has been a privilege to be involved with Centamin and grow with it, from GM to COO, and ultimately serving the last four years as CEO,” said Pardey in a statement. He will help the company find a replacement during his 12-month notice period.

The proposed departure of Pardey comes after a difficult period for the company which has failed to emerge from anticipated mining challenges as it had planned.

Said Josef El-Raghy, chairman: “Andrew has worked tirelessly and with great sacrifice during his tenure. On behalf of the Board and shareholders, I would like to thank him for his commitment”.

Third quarter production from Sukari was behind expectations primarily as a result of reduced open pit mining rates. Total gold production for the third quarter is expected to be between 97,000 and 98,000 oz, bringing production for the first nine months of 2019 to between 331,000 and 332,000 oz.

Centamin said there had been “significant changes” to the operational team at Sukari and with the planned mining of higher-grade material from the open pit and underground, the lower end of annual guidance range of 490,000 oz remains achievable.

The third quarter report is scheduled to be published on October 23.