**Centamin Downgrades Production Guidance For Sukari Gold Mine**
LONDON (Alliance News) – Centamin PLC on Wednesday downgraded its full-year production guidance for the Sukari gold mine in Egypt, the company’s primary project.
The FTSE 250-listed gold mining company said its forecast production for the full year in 2014 at Sukari is expected to be between 370,000 and 380,000 ounces at a cash operating cost of USD700 per ounce.
Though the number is up on its 2013 production at the site of 356,943 ounces, it is a significant cut against the original forecast of 420,000 ounces, at the same cost, which Centamin had previously set out.
The group said the cut to the production guidance was due to reduced monthly plant activity at Sukari during October and lower-than-expected average grades from underground development ore.
It does expect improvements in average plant throughput rates in the rest of the year and into 2015 as its expanding processing plant moves towards optimisation.
Centamin said it expects gold production to improve in the fourth quarter to a level which, on an annualised basis, which see the company meet its forecast post-expansion production rate of 450,000 to 500,00 per year.
By Sam Unsted; [email protected]; @SamUAtAlliance
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