{"id":1093393,"date":"2019-01-09T14:15:00","date_gmt":"2019-01-09T14:15:00","guid":{"rendered":"http:\/\/www.mining.com\/?p=962641"},"modified":"2019-01-09T14:15:00","modified_gmt":"2019-01-09T14:15:00","slug":"centamin-gold-output-falls-13-in-2018-on-decline-at-flagship-mine","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1093393","title":{"rendered":"Centamin gold output falls 13% in 2018 on decline at flagship mine"},"content":{"rendered":"

Shares in Egypt-focused gold miner Centamin (LON:CEY) (TSX:CEE)\u00a0nosedived Wednesday in London after the company posted a 13% drop in full-year gold output<\/a> from Sukari, its only operating mine and the Africa country\u2019s sole bullion-exporting operation.<\/p>\n

The company produced 472,418 ounces of gold at Sukari mine last year, compared to 544,658 ounces in 2017, due to disruptions and lower grades at the operation.<\/p>\n

Centamin revised its full-year guidance downward twice last year in response to operational challenges, including lower grades from Sukari\u2019s open pit in section.<\/q><\/p>\n

The figure didn\u2019t not come as a surprise to investors, as Centamin warned in December it would miss its fourth quarter’s guidance of 145,000 ounces of gold. The company however, expected only a 2% decrease to 480,000 ounces for the year.<\/p>\n

Output for the last three months of 2018 was 137,600 ounces, up 17% on the prior quarter but down 11% year-on-year.<\/p>\n

Sukari, which began operations in January 2010,\u00a0comprises a large open pit and an underground mine.\u00a0Last year, the company worked on operational improvements\u00a0on both sections, but they took longer than planned to materialize.<\/p>\n

Centamin mined 5 million tonnes of ore from the open pit in the fourth quarter, down 24% quarter-on-quarter, but grade improved 18% to 0.75 grams of gold per tonne of ore.<\/p>\n

From the underground section, the company dug up 314,000 tonnes of ore in the fourth quarter, down 4% quarter-on-quarter, at an average grade of 6.2 grams per tonne, a 20% rise on the third quarter.<\/p>\n

Last week, the company announced executive chairman Josef El-Raghy had assumed the role of non-executive chairman<\/a> while the firm continues its search for a permanent successor.<\/p>\n

Centamin\u2019s shares were trading down 0.085% in London at 116.95p by 2:39 p.m. local time.<\/p>\n

The post Centamin gold output falls 13% in 2018 on decline at flagship mine<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company produced 472,418 ounces of gold at its Egypt-based Sukari mine last year, compared to 544,658 ounces in 2017, due to disruptions and lower grades at the operation.<\/p>\n

The post Centamin gold output falls 13% in 2018 on decline at flagship mine<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[886,887,424,404,369],"tags":[9,33,40,48,102],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1093393"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1093393"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1093393\/revisions"}],"predecessor-version":[{"id":1093410,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1093393\/revisions\/1093410"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1093393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1093393"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1093393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}