07:59 AM EDT, 05/25/2018 (MT Newswires) -- Centamin (CEE.TO) was at last look down 17% and near 52 week lows In Friday afternoon UK trade after providing a production update from its Sukari Gold Mine in Egypt.

CEE in a statement said as a result of persisting low grades from the transitional zone in the open pit, combined with lower development grade from underground, production guidance for 2018 from Sukari has been revised to between 505,000 and 515,000 ounces, at a cash cost of production of US$625 to US$640 per ounce produced and an all-in-sustaining cost of US$875 to US$890 per ounces sold. The updated mine plan forecasts a weaker Q2 and strong Q3 and Q4 production profile.

Among other highlights, CEE said open pit total tonnage mined continues to be ahead of schedule. "As mining progresses through the low grade transitional zone of Stage 4A, grades continued to be below budget." It added the additional oxide material has been short hauled to the new dump leach pad, prepared at the north of the Sukari Hill and is scheduled for irrigation in late Q2. Grades from the open pit are forecast to increase in Q3 as previously reported within the Q1 Results. On processing, CEE said the processing plant is performing in line with expectations, throughput and productivity. Metallurgical recoveries are performing in line with expectations. And on development, CEE added the underground contractors mobilised a second crew and equipment at Cleopatra in April as exploration and development ramps up.

The company will publish preliminary production results for the quarter ending 30 June 2018 on 9 July 2018

Price: 2.75, Change: 0.00, Percent Change: 0.00