Centamin gold miner expects 2021 production halfway to forecast

Band Shanima A

October 19 (Reuters)Centamin Plc CEY.L expects annual gold production to be in the middle of its previously forecast range, the gold miner said on Tuesday, after reporting an increase in quarterly gold production driven by higher grades of ores extracted.

Centamin, which operates the Sukari gold mine in Egypt, said it aims to produce 415,000 ounces (oz) by 2021, the midpoint of its projected range of 400,000 to 430,000 ounces.

Third-quarter gold production at 103,546 ounces, however, was 19% lower than last year, largely due to a planned reduction in production at Sukari.

The company said the results of the phase 2 mine life review at Sukari are expected to be announced on December 1, which would highlight the long-term potential of the asset.

“When we look at the next 10 years, we think there is still a lot of potential value to be realized for the asset (Sukari),” CEO Martin Horgan said in an interview.

He also added that the company expects to reach a range of 450,000 to 500,000 ounces of annual gold production by 2024 and beyond.

Shares of the FTSE midcap rose 1.7% to 101.95 pence at 07:43 GMT.

(Reporting by Shanima A in Bangalore; Editing by Anil D’Silva and Rashmi Aich)

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