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Centamin reports 50 per cent increase in quarterly production

By Ramla Soni

Gold miner produced 148,387 ounces of gold in the fourth quarter from its Sukari mine in Egypt, its strongest since 2017 end

Gold miner Centamin has reported a 50 per cent increase in quarterly production at its Sukari mine in Egypt.

Centamin said it produced 148,387 ounces of gold in the fourth quarter from the Sukari mine, its strongest performance since the end of 2017.

This comes days before a deadline for Endeavour to make a firm bid for the company. Last year Centamin declined a $1.9bn (£1.4bn, €1.7bn) all-share offer made by Endeavour, as the gold miner said it did not offer enough value to its shareholders.

Endeavour, a West African-focused gold miner has until January 14 to make another offer.

Overall, in 2019, Centamin produced 480,529 ounces of gold from Sukari, an increase of 2 per cent compared to the previous year. However, this was still below the company’s guidance of 490,000 ounces.

For the three months ended 30 September 2019 gold production at the mine was of 98,045 ounces, bringing production for the first nine months of 2019 to 332,141 ounces.

At the same time, Centamin’s gross revenue for the same period was $160.8m from 108,826 ounces in gold sales, at an average realised gold price of $1,478 per ounce.

This week saw gold prices hit their highest level in almost seven years due to ongoing tensions between Iran and the US.

In October 2019 Centamin’s CEO Andrew Pardey announced his decision to retire. The Nomination Committee is conducting a search process to find a new CEO, while Pardey continues with his responsibilities until his appointed successor within his 12-month notice period.

FURTHER READING: Merger of gold miners Endeavour and Centamin closer

FURTHER READING: Oil prices surge after Iran fires missiles at US bases in Iraq

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