CENTAMIN, a UK-listed gold producer operating the Sukari gold mine in Egypt, said second quarter production was 117,913 ounces, taking half-year production to 234,096 oz.
Sukari has been an under-performing asset of late having missed guidance over the last 18 months, but Centamin CEO, Andrew Pardey, said today that full-year output of up to 520,000 oz would be hit as 55% of the total production number would be mined in the firm’s second half, as planned.
He also alluded to company efforts to improve technical competence among its ranks, saying that it was “… growing its core technical competencies through recruitment and ongoing development of its people”.
“The outlook for the business continues to improve. We remain focused on delivery against our promises and our corporate strategy,” said Pardey.
“Stronger production in the second half will be driven by mining open pit grades above 1g/t, as the Stage 4 pit progresses down into the Hapi Zone,” he said.
The company is due to report its baseline near-term outlook for the 2020 and 2021 financial years on July 31. This will be closely watched by analysts. RBC Capital Markets said in March that shares in Centamin would remain under pressure whilst there was uncertainty regarding its production plans.
Shares in Centamin touched a 12-month low in April and are currently some 4.9% down on a 12-month basis.
