Centamin exceeds expectations with 33% rise in gold production at Sukari
Centamin exceeded its own production guidance this quarter, reporting a 33% lift in gold production at its Sukari mine.
Production at the Egyptian mine for the quarter was 107.8koz ounces, a 33% increase on the second quarter of 2014 and in line with production during the first quarter of 2015.
Full-year production is expected to be between 430-440koz, Centamin said.
Centamin chief executive Andrew Pardey said production exceeded levels forecast in May and there is scope for further increases as optimization continued over the coming quarters.
Shore Capital Markets said it was always suspicious the original target was a low-ball.
Analysts at Pamure also said they expected Centamin to produce above what was forecast and reiterated their 432koz full year forecast.
Panmure maintained a ‘hold’ rating on the stock with a target price of 67p
Shares in Centamin were up 1.09% to 60.15p at 09.54 on Wednesday.