Centamin lowers production forecast for its Egypt's Sukari mine

Waad Ahmed , Wednesday 5 Nov 2014

Courtesy: Ministry of Petroleum

Gold producer Centamin plc cut its production forecast for Egypt based Sukari mine by around 10.5 percent due to lower productivity in October and lower grade of ore, the company announced on Wednesday.

Sukari mine, Centamin's company's flagship operation, is now forecasted to produce between 370,000 to 380,000 in 2014, down from the original estimate of 420,000 ounces.

The company maintained however its target of 450,000 - 500,000 ounces per year by 2015, expecting record production in the fourth quarter.

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

The London-listed Centamin saw its profits dip by a significant 74 percent in the first half of 2014 to record $31.9 million compared to $123.6 million in the same period the prior year.

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