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Centamin tips FY'19 gold output at lower end of guidance after weak Q3

Centamin PLC expects to produce 97,000 to 98,000 ounces of gold in the third quarter as output was behind expectations due to reduced open pit mining rates on the higher-grade Stage four west wall at its Sukari mine in Egypt.

The company said Oct. 3 it still expects to achieve the lower end of its annual production guidance range of 490,000 to 520,000 ounces on the back of planned mining of higher-grade material from the open pit and underground.

Gold production in the second quarter jumped 27% year over year to 117,913 ounces, bringing first-half output up 8% year over year to 234,096 ounces.

Meanwhile, Centamin CEO Andrew Pardey decided to step down from his position following a 12-month notice period.

Pardey will continue his duties while assisting the search process for a new CEO.