Advertisement

Centamin advances on positive Q1 gold production results

Shares in Egypt-focussed gold mining company Centamin rose on Tuesday morning after the FTSE 250-listed company unveiled its first quarter preliminary production results revealing record gold production levels at its Sukari mine.

Shares in Egypt-focussed gold mining company Centamin rose on Tuesday morning after the FTSE 250-listed company unveiled its first quarter preliminary production results revealing record gold production levels at its Sukari mine.

Total gold production for the quarter ended March 31st was 87,016 ounces, representing a 77% increase on the corresponding quarter in 2012 and a 2.0% increase on the fourth quarter in fiscal year 2012.

Advertisement - Article continues below

The company said that formal guidance for the current year was 320,000 ounces of gold at a cash operating cost of $700 per ounce.

Open pit total material movement of 10,550 kilotonnes (kt) increased 56% and ore production of 2,133kt was up 11% on the fourth quarter of 2012.

The underground mine delivered 119kt, up 6.0% on the fourth quarter 2012. The run of mine ore stockpile balance increased by 38kt to 759kt at the end of the period.

Centamin said that the performance was driven by continued high levels of productivity coupled with a reduced impact from stoppages compared with the previous quarter.

Josef El-Raghy, Chairman of Centamin, said: "This marks a solid start to the year and output remains on target to achieve the 2013 guidance of 320,000 ounces."

"With the plant running at consistently high levels of productivity, the processing function is well placed to deliver the next step change in throughput from the stage four expansion, which remains on course to complete commissioning by the end of the year," he added.

Centamin's share price was up 2.86% to 47.11p at 09:08 on Tuesday.

MF

Advertisement
Advertisement

Recommended

Visit/investments/investment-strategy/601044/broker-safety-your-questions-answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Visit/investments/commodities/industrial-metals/601401/money-printing-infrastructure-base-metals-copper
Industrial metals

Governments’ money-printing mania bodes well for base metals

Money is being printed like there is no tomorrow. Much of it will be used to pay for infrastructure projects – and that will be good for metals, says …
27 May 2020
Visit/economy/eu-economy/601422/heres-why-investors-should-care-about-the-eus-plan-to-tackle-covid-19
EU Economy

Here’s why investors should care about the EU’s plan to tackle Covid-19

The EU's €750bn rescue package makes a break-up of the eurozone much less likely. John Stepek explains why the scheme is such a big deal, and what it …
28 May 2020
Visit/investments/funds/601385/in-support-of-active-fund-management
Funds

In support of active fund management

We’re fans of passive investing here at MoneyWeek. But active fund management has its place too, says Merryn Somerset Webb.
25 May 2020