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Centamin posts YOY rise in Q4'19 gold output at Egyptian gold mine

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Centamin posts YOY rise in Q4'19 gold output at Egyptian gold mine

Centamin PLC produced 148,387 ounces of gold at the Sukari gold mine in Egypt in the fourth quarter of 2019, rising from 137,600 ounces year over year, according to preliminary figures released Jan. 9.

Production grew 51% over the previous quarter, driven by improved feed grade, metallurgical recoveries and year-end plant drawdown of the gold in circuit. The performance was also credited to management changes in 2019.

Full-year 2019 gold output improved 2% year over year to 480,529 ounces, with the company maintaining its 2020 production guidance at 510,000 to 540,000 ounces. The full production report for the fourth quarter of 2019 will be released Jan. 30.

In December 2019, Centamin's board snubbed a C$2.52 billion takeover bid by Africa-focused gold producer Endeavour Mining Corp.

The companies then agreed to exchange certain due diligence information over the possible merger. Endeavour has until Jan. 14 to make a firm offer.