Centamin slides after guidance cut
- Publishing Date
- 02 Aug 2011 11:52am GMT
- Author
- Mining Journal
The share price of Centamin Egypt Ltd had fallen about 24% in early trading on the London market following the release of its second quarter operational results today.
The Perth-based gold miner cut its production guidance for 2011 from 250,000-290,000oz to 200,000-210,000oz owing to a reduction in blasting activities during the quarter.
Centamin said its blast products were affected by “irregular issues”, which negatively impacted on open-pit and underground production at the Sukari gold mine in Egypt.
For the three months to end-June, Centamin produced 47,991oz from the mine and added it was confident operations would return to normal in the third quarter.
Meanwhile, a highlight for the company during the quarter was the approval of the US$255 million stage four expansion at Sukari to 10Mt/y.
The company also announced a takeover offer for Sheba Exploration plc, a PLUS-listed company that owns exploration licences in Ethopia. This offer was made unconditional on July 29 with over 90% acceptance received, Centamin added.
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