Centamin Egypt Ltd

Gold Project: 9.39 Moz Measured and Indicated, Plus 3.5 Moz Inferred

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Message: Centamin Cuts Full-Year Gold Forecast Due to Delays in Operational Improvements
 
2018-10-05 05:59:46 AM ET (MT Newswires)
   
   

05:59 AM EDT, 10/05/2018 (MT Newswires) -- Gold miner Centamin (CEY.L, CEE.TO) lowered its full-year production guidance early Friday as output in the third quarter plunged by 25% because of delays to planned operational improvements.

Output slumped to 117,720 ounces during the three months that ended September 30, from 156,533 ounces a year ago, the company, a low-cost producer with operations mainly focused in Egypt at the Sukari mine, said in an update.

While noting that September was a "strong" month with an output of 48,511 ounces, the company pointed out that "operational improvements have taken longer than planned to materialize." Sukari gold mine is the first modern mechanized gold mine in Egypt, according to Centamin.

In the fourth quarter, Centamin expects production to hit about 145,000 ounces, resulting in a total annual output of roughly 480,000 ounces in the full-year 2018. That forecast, however, lags the company's guidance of 505,000-515,000 ounces.

Centamin, whose Sukari mine has produced about 3.1 million ounces of gold, to date at an average cash cost of

$618 per ounce, is scheduled to publish its third-quarter results on November 1.

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