London, England — 09 October 2012 – Egypt focused gold miner Centamin says it is on course to meet its full-year output guidance for 2012, shrugging off a 10% drop in production in the third quarter of the year, compared to the previous period.
Reuters reports that Centamin, whose Sukari operation in Egypt is the first modern gold mine in the country, has posted total production of 60,922oz in the three months to 30 September, falling below its second quarter performance after scheduled maintenance and an illegal strike. It was nevertheless a 20% increase on the corresponding quarter in 2011.
Output from the open pit rose 6%, in line with a planned ramp-up of that part of the mine while underground operations produced 19% less gold, as they were affected by the strike and by a temporary shortage of equipment.
“Although weak quarterly production was expected, the pressure remains high on the fourth quarter,” Canaccord analyst Dmitry Kalachev said.
Shares in Centamin, due to post its third quarter financial results on 14 November which will likely be boosted by a rising gold price that hit an 11-month high earlier in October, traded down 1% to 96.75% at 0741 GMT.
Source: Reuters Africa. For more information, click here.