Centamin Egypt cuts production guidance

2nd Aug 2011 08:52

Gold miner Centamin Egypt has cut its gold production for the full year after import restrictions on products it needs to conduct operations held back output in the second quarter.It has cut its full-year output estimate to 200,000 to 210,000 ounces from a previous prediction of 250,000 to 290,000 ounces.Production at its Sukari gold mine totalled 47,991 ounces in the quarter to 30 June. "Whilst imports and deliveries of blast products have returned to normal and sufficient quantities exist at Sukari, daily restrictions imposed by local blast inspectors drastically curtailed mine production activities during the quarter," the company said."The company is confident that the recent actions by the blast inspectors are not supported or condoned by government policy and that the company has taken appropriate action such that the company remains confident that the situation will be resolved in the third quarter."---RG