Centamin shares rise on news of glittering gold production figures

CENTAMIN shares rose nearly three per cent yesterday on news the FTSE 250-listed metals and minerals producer had increased gold production and beaten its full-year guidance.

Preliminary fourth quarter figures showed total gold production at its Sukari Gold Mine in Egypt was 91,546 ounces, up seven per cent on the same quarter in 2012 and eight per cent higher than its third quarter result.

The end-of-year success brought full-year production to 356,943 ounces, up 36 per cent on 2012 and above guidance of 320,000 ounces.

However, the company’s open pit total material movement decreased eight per cent from the third quarter of 2013 to 9.6m tonnes, and open pit ore production was down seven per cent compared to the third quarter to 3.2m tonnes.

Centamin chairman Josef El-Raghy said: “Full year production is ahead of guidance, as indicated in the third quarter results, and we look forward to delivering a further successive year of growth in 2014 as the plant expansion drives the continued ramp-up towards our 450-500,000 ounce per annum long-term target.”

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