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.
