Centamin reports record third-quarter gold production

Centamin reported record third-quarter gold production on Monday as all sections of its Sukari mine in Egypt performed well.

In production results for the quarter to the end of September, the company said total gold production rose 26% on the previous quarter and 5% on the third quarter of last year - the previous record quarter - to 156,533 ounces.

Centamin maintained its 2017 production guidance of 540,000 ounces at a cash operating cost of $580 per ounce and all-in-sustaining cost of $790 per ounce."

The company said the open pit achieved record levels of both total material movement and ore production. Open pit total material movement increased by 6% on the previous quarter to 18,602kt, while open pit ore production rose 58% to 4,825kt at an average mined grade of 0.76g/t.

Chief executive officer Andrew Pardey said: "All sections of the mine continued to perform well during the third quarter, contributing to record production. The higher grade zones of the open pit, exposed in the later part of Q2, continued to be mined during Q3 2017, leading to an as planned increase in head grade to the plant from the open pit. Mining of higher grades from the open pit is expected to continue for the remainder of 2017.

"Underground mining continued to perform well, with strong mining rates and grades achieved from both stoping and development activities."