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Centamin's Q4'18 gold output at Sukari down 11% YOY

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Centamin's Q4'18 gold output at Sukari down 11% YOY

Centamin PLC said Jan. 9 that preliminary fourth-quarter 2018 gold output from its Sukari gold mine in Egypt slid 11% yearly to 137,600 ounces, at the lower end of its expected range of between 135,000 and 140,000 ounces.

However, the quarterly output represented a 17% rise from 117,720 ounces posted in the third quarter of 2018, attributed to higher grades from the open pit and underground mine.

For full year 2018, total output dropped 13% to 472,418 ounces of gold, missing the full-year guidance of 480,000 ounces.

Output during the year was beset by challenges, including lower grades from the open pit during the first half as mining progressed through the transitional zone, a damaged rig leading to the disruption in the underground stoping sequence in the second quarter, and an unplanned dilution from the cascading stopes in the Amun underground mine.