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Centamin CEO to retire; sees production at lower end of guidance
3rd Oct 2019 07:41
(Sharecast News) - Centamin said chief executive Andrew Pardey would retire as it forecast gold production to be at the lower end of full year expectations.
Shares in the company fell 5% in early trade on the news. Pardey said he would stay at the group for a year until a successor was found.
The company also said it expects third-quarter gold production from its Sukari mine in Egypt of between 97,000 - 98,000 ounces, bringing production for the first nine months of 2019 to 331,000 - 332,000 ounces
"During Q3, there have been significant changes to the operational team at Sukari and with the planned mining of higher-grade material from the open pit and underground, the lower end of annual guidance range (490,000 ounces) remains achievable," the company said on Thursday.
Shares in the company fell 5% in early trade on the news. Pardey said he would stay at the group for a year until a successor was found.
The company also said it expects third-quarter gold production from its Sukari mine in Egypt of between 97,000 - 98,000 ounces, bringing production for the first nine months of 2019 to 331,000 - 332,000 ounces
"During Q3, there have been significant changes to the operational team at Sukari and with the planned mining of higher-grade material from the open pit and underground, the lower end of annual guidance range (490,000 ounces) remains achievable," the company said on Thursday.