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Centamin Q3 Egypt gold mine production exceeds target

Sukkari flagship gold mine production up 7% in Q4 year-on-year as total 2013 output beats guidance by 11% despite expansion work and political turmoil in Egypt

Ahram Online, Wednesday 8 Jan 2014
Sukari gold mine, Centamin's largest asset (Photo:Reuters)
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Views: 1465

Gold miner Centamin revealed on Tuesday it has overcome political disturbances and internal expansion work to surpass production guidance at its Sukkari gold mine in Egypt for the fourth quarter of 2013.

The company announced a total gold production of 91,546 ounces last quarter from the Egypt mine, 7 percent above production for the corresponding quarter in 2012 and 8 percent higher than the previous quarter in 2013.

This full year production amounted to 356,943 ounces, a 36% increase on 2012 and above guidance of 320,000 ounces.

Centamin had seen its profit drop by more than a third in the third quarter of 2013 due to a sharp plunge in bullion prices.

The company still maintained it was well-placed to exceed a targeted increase in full-year output. The Sukkari gold mine was expected to bring in more than 320,000 ounces in 2013, and increasing to 450,000-500,000 ounces per year by 2015.

The Sukkari gold mine, located in the Eastern Desert, is Egypt's largest gold mining operation, and the company's flagship operation.

Last year's earnings before interest, tax, depreciation and amortisation (EBITDA) came in at just over $43 million through September, which was slightly lower than some analysts had expected.

Centamin is based in the UK-governed island of Jersey and listed on the London Stock Exchange.

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