Gold mining group Centamin reported record levels of production on Thursday, maintaining its full year guidance for 2017.
Centamin produced 156,533 ounces of gold in its fiscal third quarter on Thursday, 26 percent higher than production in the previous quarter and 5 percent higher than the same period last year.
It maintained its full-year guidance for 2017 at 540,000 ounces, with a $580 per ounce cash cost and USD790 per ounce all-in sustaining cost. Third quarter EBITDA of $103.6 million was up 57 percent from the second quarter, boosted by both the price of gold and an increase in sales.
Quarterly throughput was 3.0 million tonnes from the Sukari process plant, which enjoyed an “excellent quarter”.
“Open pit mining rates reached another record, with ore production from high grade areas allowing a significant increase in open pit plant feed grade”, said Chief Executive Officer Andrew Pardey, adding that “the underground operations delivered another quarter of good grades at an annualised 1.2 million tonne rate and the process plant again achieved a quarterly throughput of approximately 3 million tonnes.”
However, investors failed to be impressed by the results, with leading Centamin’s share price to drop 3.71 percent in morning trading.
