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Centamin sees lower production in 2021 as maintenance work to limit output
StockMarketWire.com
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Gold mining company Centamin lowered its guidance after pausing mining operations at its Sukari project in Egypt to carry out maintenance work after detecting movement in waste material.
The company sees guidance in a range of 445,000 to 455,000 ounces of gold produced for 2020, while 2021 production was forecast at 400,000-to-430,000 ounces.
In the third quarter, gold production fell 2% to 128,240 ounces, with cash costs f US$682 per ounce produced and all-in sustaining costs, AISC, of US$961/oz sold.
Fourth-quarter production guidance was estimated in a range of 60,000-to-70,000 oz, at an estimated cash cost of US$950-1,050 an oz produced and AISC of US$1,450-to-1,650/oz sold, which included capital spend of US$30-to-40 million.
The company said remediation work at the Sukari open pit would be completed in the first half of 2021.
'Current scheduling indicates that the remediation work will be completed during H1 2021 and the deferred higher-grade stage 4 west material can be rescheduled into the open pit mine plan in H2 2021 and into 2022,' the company said.
At 8:18am: (LON:CEY) Centamin PLC share price was -31.52p at 130.98p
Story provided by StockMarketWire.com
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