{"id":1141880,"date":"2019-10-03T08:23:33","date_gmt":"2019-10-03T13:23:33","guid":{"rendered":"https:\/\/www.mining.com\/?p=1003513"},"modified":"2019-10-03T08:23:33","modified_gmt":"2019-10-03T13:23:33","slug":"centamins-ceo-to-leave-after-challenging-year-for-the-miner","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1141880","title":{"rendered":"Centamin\u2019s CEO to leave after challenging year for the miner"},"content":{"rendered":"<p>Shares in Egypt-focused gold miner Centamin (LON:CEY) (TSX:CEE)\u00a0fell on Thursday more than 15% to 105.65 in London after it announced that its chief executive, <a href=\"https:\/\/otp.tools.investis.com\/clients\/uk\/centamin_plc\/rns\/regulatory-story.aspx?cid=1756&amp;newsid=1334064\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Andrew Pardey, would leave the company<\/a> following a year of operational challenges.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>Pardey, who joined the company 12 years ago as general manager, will stay at the post for a year, while Centamin looks for a new boss.<\/p>\n<p>The company also warned that<br \/>\nproduction for the first nine months of 2019 is expected to be between 331,000<br \/>\nand 332,000 ounces. While lower than what originally expected, the company said<br \/>\nthe lower end of its full-year guidance range of 490,000 ounces of gold remained<br \/>\n\u201cachievable\u201d.<\/p>\n<p>Pardey helped building the company\u2019s Sukari mine, Egypt\u2019s largest gold operation. The asset\u2019s performance in the last two years, however, <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.mining.com\/centamin-gold-output-falls-13-in-2018-on-decline-at-flagship-mine\/\" >has disappointed investors<\/a>. <\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>Andrew Pardey helped building the company\u2019s Sukari mine, Egypt\u2019s largest gold operation. <\/p>\n<\/blockquote>\n<\/figure>\n<p>Sukari, which began operations in<br \/>\nJanuary 2010,&nbsp;comprises a large open pit and an underground<br \/>\nmine.&nbsp;Last year, the company worked on operational improvements&nbsp;on<br \/>\nboth sections, but they took longer than planned to materialize.<\/p>\n<p>As a result, Sukari churned out 472,418<br \/>\nounces of gold in 2018, down from 544,658 ounces in the year before, and Centamin<br \/>\nhas struggled to boost production at its flagship mine this year.<\/p>\n<p>The company&nbsp;began the year<br \/>\nwith <a href=\"https:\/\/www.mining.com\/centamin-reshuffles-board-amid-production-hitches-sukari-gold-mine\/\">some<br \/>\nkey board changes<\/a> by announcing Josef El-Raghy had&nbsp;moved from<br \/>\nexecutive chairman to chairman, 16 years after becoming managing director.<\/p>\n<p>As Pardey, El-Raghy has remained<br \/>\nlinked to the company while the search for a successor continues.<\/p>\n<p>As part of the board reshuffle,<br \/>\nCentamin has also appointed three independent non-executive directors, one of<br \/>\nwhom will become non-executive chair in 2020.<\/p>\n<p>Following those changes, the<br \/>\nCentamin board will consist of eight members, with two executive and<br \/>\nsix-non-executives. Of the non-executives, five are independent.<\/p>\n<p>The miner\u2019s shares were down 12% by<br \/>\nmid-afternoon in London at 110p, leaving it with a market capitalisation is<br \/>\n\u00a31.28 billion.&nbsp; The price drop is the highest since July and takes<br \/>\nthe stock dangerously near to their second worst performance this year.<\/p>\n<p>In February, the stock price hit the lowest in six years\u00a0after Centamin <a href=\"https:\/\/otp.tools.investis.com\/clients\/uk\/centamin_plc\/rns\/regulatory-story.aspx?cid=1756&amp;newsid=1235519\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">said 2019 production would be well below analysts\u2019 expectations<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Andrew Pardey, who joined the company 12 years ago as general manager, will stay at the post for a year, while the company looks for a new boss.<\/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":"default","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":"","ast-disable-related-posts":"","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 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