Centamin Egypt sees production rise

31st Oct 2011 09:16

Centamin Egypt, the gold mining company with operations in the Eastern desert of Egypt, has seen production increase 5% between July and the end of September.The production boost was achieved on gold prices reaching 11% higher than the previous quarter (and a whopping 39% higher than the equivalent period of 2010).Total gold production at the firm's main Sukari site now stands at 50,539oz.Josef El-Raghy, Chairman of Centamin, said: "The Sukari Gold Project has performed in line with management expectations in August and September, generating strong earnings once again and underpinning gold production, which will deliver on the production guidance given for 2011."Investors were unimpressed with the update, Centamin shares were down 1.13% in early trading and are down 35% in the year to date.BS