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.
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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
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
"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
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
-
Review: The Bath Priory – a charming stay in an elegant city
MoneyWeek Travel Matthew Partridge visits the Roman ruins and takes the waters at The Bath Priory hotel’s luxurious spa
By Dr Matthew Partridge Published
-
Will Labour change the rules on pension tax relief?
Speculation is mounting that tax hikes could be announced in Rachel Reeves’s first Budget. Will pension tax relief rules be reformed?
By Katie Williams Published