Centamin’s Output Targets Hugely Impacted by Mine Delays

The work in the above mentioned area was scheduled to start in Q4 this year.

SEATTLE (Scrap Monster): Centamin plc. provided operational update on its Sukari gold mine in the North African nation of Egypt. The safety-related delays at the mine are likely to impact the company’s output targets for the current year.

According to company press release, it has detected movement in a localised area of waste material in the Sukari open pit Stage 4 West wall, following which it has decided to immediately halt open pit minng operations in this zone. The decision is mainly on account of the company’s commitment to safeguard the health and safety of its workforce and the long-term mining prospects at its flagship mine. Consequently, the gold output guidance for 2020 will be reduced. The updated mine plan for future years will be included in the LOA review to be published soon, it said.

RELATED NEWS:

Gold Output From Egyptian Gold Mine Beats Forecast

Centamin's Gold Production Totalled 481K Oz in FY2019

The work in the above mentioned area was scheduled to start in Q4 this year. It must be noted that the Sukari mine gold production had totalled around 120,000 ounces during the quarter ended on September 30^th. The year-to-date production from the mine totalled around 375,000 ounces. As per earlier guidance, the company had expected the mine to produce between 510,000 and 525,000 ounces of gold during the entire year 2020.

The company is due to release its Q3 quarterly operational and financial results on 21^st October, 2020.

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