Centamin resumes production at Sukari, output guidance unchanged

Egypt-focused gold miner Centamin has resumed work at its flagship Sukari Gold Mine following last week's labour unrest which brought operations to a standstill.

The stoppage was a result of a breakdown in ongoing discussions over salary increases and other benefits with some miners, the group said.

The news sent the share price tumbling on Tuesday. The stock closed Friday at 81.45p, some 9.35% lower than the previous week, and not too far off its 52-week low of 78.5p.

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"With the co-operation of the Egyptian Mineral Resources Authority, Ministry of Petroleum and Industry Committee of Parliament, all outstanding issues have been effectively resolved and work has recommenced," Centamin announced this morning.

The group warned that first quarter production and cash costs will be affected by this unrest but assured that full-year production and cash cost guidance remains unchanged.

BC