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Centamin expects to miss FY'18 gold output forecast by 2%

Centamin PLC expects to miss its full-year production guidance of 480,000 gold ounces from its Sukari mine in Egypt by up to 2%.

Cash costs for the year are expected toward the top end of the previous guidance of US$625 per ounce to US$640/oz, with all-in sustaining cost of about US$900/oz sold.

The company said Dec. 27 that it had expected to cover the lower production in October and November through higher-grade output in December; however, the underground grade during the last month of 2018 was lower than expected.

Centamin expects to pour 135,000 to 140,000 ounces of gold in the fourth quarter. Third-quarter production at Sukari fell 25% year over year to 117,720 ounces.

The company plans to announce preliminary fourth-quarter production results Jan. 9, 2019.