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Centamin 2018 Gold Production Declines

Centamin 2018 Gold Production Declines

January 09, 2019


Centamin PLC (LSE: CEY; TSX: CEE) reports that full-year 2018 output at its flagship Sukari Gold Mine in Egypt fell 13% to 472,418 ounces. Fourth-quarter output was 137,600 ounces, a 17% improvement on the previous quarter due to higher grades but down 11% from 154,298 in the same period a year ago. The company lists a number of operational challenges during 2018, including lower grades delivered from the open pit in the first half of the year; a disruption to the underground stoping sequence in the second quarter, resulting from a damaged rig; and unplanned dilution from the cascading stopes in the Amun underground. “Concluding an operationally challenging year, the fourth quarter delivered further improvement in the grade from both the open pit and the underground stoping, whilst underground development focused on longer-term production access,” says Andrew Pardey, chief executive officer.


Source: https://www.kitco.com/n