Egypt-focused gold mining and exporting company Centamin has posted record production at its Sukari Gold Mine for the final quarter of 2012.
During the three month period gold production totalled 85,543 ounces, up 45% on the same period the previous year and 40% higher than that generated in the third quarter.
This brought full year production to 262,958, a 30% increase on 2011 and above guidance of 250,000 ounces.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Josef El-Raghy, Chairman of Centamin, said: "The team at Sukari has delivered a very strong set of operating results, with a record output for the quarter bringing full year production ahead of guidance. All areas performed well and the results are particularly pleasing given the challenges faced during the year.
"Sukari has now delivered production growth over three consecutive years and we look forward to a further increase in 2013. Whilst 2012 presented us with a number of challenges, we exit the year as forecast with a robust financial and operating base with which to continue delivering on our growth strategy."
Quarterly throughput at the Sukari process plant was 1,250kt, a 17% increase on the corresponding quarter in 2011, and a 25% increase on the third quarter of 2012. Fourth quarter open pit total material movement of 6,739kt was down 3.0% and ore production of 1,916kt was up 16% on the previous quarter.
Despite a previously announced temporary suspension, the company was able to keep on budget during the three month period.
The firm added that although there have been some on-going delays by custom officials, gold exports have continued during January.
NR
-
UK-US trade deal announced: US cuts tariffs on UK car imports to 10%Keir Starmer and Donald Trump have announced a UK-US trade deal, but the US president has refused to lift baseline tariffs on most UK goods. What does it mean for the UK?
-
How to use mid-caps to diversify from the USMedium sized companies are overlooked by investors but could offer an attractive ‘sweet spot’. We consider the case for mid-caps amid market volatility.
