Centamin CEO to retire; sees production at lower end of guidance

Centamin said chief executive Andrew Pardey would retire as it forecast gold production to be at the lower end of full year expectations.

Shares in the company fell 5% in early trade on the news. Pardey said he would stay at the group for a year until a successor was found.

The company also said it expects third-quarter gold production from its Sukari mine in Egypt of between 97,000 - 98,000 ounces, bringing production for the first nine months of 2019 to 331,000 - 332,000 ounces

“During Q3, there have been significant changes to the operational team at Sukari and with the planned mining of higher-grade material from the open pit and underground, the lower end of annual guidance range (490,000 ounces) remains achievable,” the company said on Thursday.