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

Centamin (DI)

155.50p

12:04 08/11/24

0.32%

0.50p

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

Mining

11,505.97

12:04 08/11/24

0.28%

31.85

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.