Centamin sticks with guidance ahead of H2 ramp-up

9th Jul 2014 08:09

Centamin has held on to its full-year production guidance for its flagship Sukari gold mine in Egypt, saying that levels should ramp up in the second half.Total gold output in the second quarter ended June 30th was 81,281 ounces, up 9% on the first quarter but 13% lower than the same period in 2013.The fourth stage of commissioning is ongoing at Sukari and the expanded plant is expected to deliver a "steady lift in throughput" during the second half. This, combined with improving grades, should see gold production levels "progressively increase" in the third and fourth quarters. Therefore, the company has kept its full-year forecast of 420,000 ounces."Commissioning activities delivered the first material contribution from the Stage-4 plant expansion during the quarter, and the processing operation goes into the second half of the year at target productivity levels and on track to hit the expanded 10m tonnes per annum nameplate capacity," said Chairman Josef El-Raghy."Whilst underground development ore grades were below forecast, mining rates remain strong and the operation is on a solid footing having opened up key high-grade areas for stoping."The stock was down 2.3% at 67.1p by 08:08 on Wednesday.BC