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Centamin produces 41% more gold ounces YOY in Q3'16

London Stock Exchange-listed miner Centamin Plc increased gold production in the third quarter by 41% to 148,674 ounces compared to the same quarter a year earlier.

Although throughput declined 4% to 2.8 million tonnes compared to the second quarter, it surpassed the company's base case target of 11 million tonnes per annum, according to an Oct. 5 preliminary production report.

CEO Andrew Pardey said the open pit delivered an increase in total material movement, and the underground mine continued to deliver both tonnes and grade in excess of Centamin's base case forecast.

"We expect full year 2016 production to be toward the upper end of our guidance range of between 520,000 and 540,000 ounces," he said.

Year-to-date production totals 414,249 ounces of gold.

The company's flagship asset is its stake in the Sukari gold mine in Egypt.