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Centamin revises Sukari production guidance on weak Q2

Centamin PLC now expects its Sukari joint venture in Egypt to produce between 505,000 and 515,000 ounces of gold in 2018, decreasing from guidance of 580,000 ounces reiterated in April.

The company said May 25 that the decreased outlook resulted from low grades persisting in a transitional zone of the open pit and lower development grades from underground.

All-in sustaining costs for the year are expected to be US$875/oz to US$890/oz of gold sold, compared to US$770/oz forecast as part of the original guidance in late January.

Centamin's updated mine plan indicates a weaker second quarter with a stronger production profile for the third and fourth quarters. Preliminary results for the second quarter will be released July 9.