Al-Wazir inaugurates glass factory, lays foundation stone for new appliance plant at Elaraby Group    New expansion projects, public-private partnerships to modernize, localise industry: El-Shimy    A blaze that exposed Egypt's fragile digital backbone    Al-Sisi attends high-level African summit to strengthen continental coordination, regional integration    Egypt, Mexico discuss environmental cooperation, combating desertification    Egypt launches anti-drug awareness campaign for drivers    Germany faces recruitment hurdles in push to rearm, eyes conscription    HDB expands national footprint with 'Acacia' branch in New Cairo    Lavrov warns against anti-Russia alliances in Asia during North Korea visit    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    S. Korea's c. bank holds base rate at 2.50%    Egypt's annual core CPI inflation eases to 11.4% in June: CBE    Egypt's EDA, Haleon discuss local market support    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    Egypt, Pakistan boost healthcare ties – Cabinet    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger        Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Centamin gold output jumps, stands by full-year target
Egypt Sukari mine achieves nameplate capacity of 10 million tonnes per annum after facing issues with lower-grade ore in Q2
Reuters Published in Ahram Online on 09 - 10 - 2014

Gold miner Centamin Plc reported a 10.5 percent rise in third-quarter output as it mined higher-grade ore at its Sukari mine in Egypt, and maintained it full-year production forecast of 420,000 ounces of gold.
Shares in the company rose as much as 5.5 percent in early trading, making the stock the top percentage gainer on the FTSE-250 Midcap Index.
Production at Sukari, the company's only producing mine, rose to 93,624 ounces in the third quarter ended Sept. 30, from 84,757 ounces a year earlier.
Total production in the nine months to September stood at 249,146 ounces, about 170,800 ounces short of the full-year target.
"With scope for further increases in plant throughput during the coming quarters, and with average grades set to further increase in Q4, we maintain our full-year production guidance," Centamin Chairman Josef El-Raghy said in a statement.
The mine, which faced issues with lower-grade ore in the second quarter, achieved nameplate capacity of 10 million tonnes per annum (mtpa) during the quarter, Centamin said on Thursday.
While some analysts remained sceptical about Centamin's ability to meet its full-year guidance, others said an attempt to achieve the target would set the miner on a strong path for the future.
"What is worth noting is that, even if the company gets close to the 420,000 ounces target, it will have achieved quarterly production which would put it well on track to beat future guidance of 450,000-500,000 ounces," Westhouse Securities analyst Rob Broke said in a note.
Centamin also said it was in the final stage of talks with the Egyptian government, seeking an approval to increase the amount of ammonium nitrate it uses as explosives for open pit mining.
Egypt-based brokerage firm Naeem NewsStand said the miner would need the approval to achieve its long-term production target from 2015 onwards.
While the third-quarter output was below most analysts' expectations, the market cheered the 15 percent rise in output from the prior quarter, when Centamin reported a 13 percent drop in production.
Centamin's shares were up 4.5 percent at 60.83 pence at 1039 GMT.
http://english.ahram.org.eg/News/112674.aspx

Clic here to read the story from its source.