The company recently said radar systems detected a movement in Sukari’s open-pit Stage 4 West wall, which prompted it to immediately defer open-pit mining operations in that zone. Work in the area was scheduled to start during the fourth quarter.
Centamin also reaffirmed 2020 production guidance of 445,000-455,000 ounces
Centamin reported gold production in Q3 of 128,240 ounces – down 2% compared to Q2 – bringing production for the nine months of the year to 384,324 oz.
Sales declined 9% to 118,617 ounces, but this was offset by a 12% increase in average prices–to $1,933 per ounce.
Revenue for the quarter was $230 million, 43% higher than a year earlier.
Centamin also reaffirmed 2020 production guidance of 445,000-455,000 ounces, with all-in sustaining costs of $950-$1,050 per ounce. Free cash flow expectations are $135 million-$145 million.
Midday Wednesday, Centamin’s stock was down 19.2% on the LSE. The company has a C$3 billion market capitalization.
