Gold miner Centamin achieved an output of 377,261 ounces in 2014, a six percent increase compared to 2013, the company announced in a statement Thursday.
The London listed company had lowered its production forecast to 370,000-380,000 ounces in November from an earlier forecast of 420,000 ounces.
Production at the Egypt-located Sukari mine, the company's only producing mine, climbed 40 percent in the fourth quarter of 2014 compared to the same period a year earlier, to record 128,115 ounces.
"There remains scope for further increases in plant throughput during the coming quarters as the plant is fully optimised and open pit mining rates increase with the additional AN (ammonium nitrate)." Josef El-Raghy, chairman of Centamin, said in the statement.
The Egyptian government approved that Centamin raises its use of ammonium nitrate as an explosive for open pit mining during the fourth quarter of 2014, according to the statement.
The Sukari mine is projected to raise its production in 2015 by 11 percent to 420,000 ounces at an operating cost of $700 per ounce.
Centamin's share price slid by 2.39 percent to £63.25 at 4:50am EST in the London Stock Exchange.