Egypt's biggest gold miner sees lower production in Q2/2014

Ahram Online, Wednesday 9 Jul 2014

Centamin hopes for an output of 450,000 to 500,000 ounces of gold per annum by 2015 from the Sukari site

Sukari
Egypt Sukari gold mine (Photo: Reuters)

Egypt's biggest gold miner, Centamin, has announced preliminary production results from its Sukari mine for the second quarter of 2014, recording a 13 percent drop compared to 2013’s corresponding quarter.

Total gold production at Sukari, located in Egypt's eastern desert, recorded 81,281 ounces in the quarter that ended in June, according to Centamin.

However, the production increased by nine percent compared to the first three months in 2014.

According to the Australia-based company, Sukari’s production forecast for 2014 remains unchanged, standing at 420,000 ounces at a cash cost production of $700 per ounce. The mine produced a total of 356,943 ounces of gold in 2013.

Centamin expects stage four of Sukari’s expansion to offset the production decrease as the commissioning stages are underway.

"Commissioning activities delivered the first material contribution from the Stage 4 plant expansion during the quarter, and the processing operation goes in the second half of the year at target productivity levels and on track to hit the expanded 10 million tonne per annum nameplate capacity," Centamin chairman Josef El-Raghy was quoted as saying.

The company hopes for an output of 450,000 to 500,000 ounces of gold per annum by 2015 from the Sukari site.

Shares in Centamin fell 1.16 percent to £0.68 in Wednesday trade on the London Stock Exchange.


 

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