Shares in Centamin (LSE: CEY) lifted over 4% in early trade this morning, following the announcement of its preliminary production results from its Egyptian mining activities.
Total gold production from the Sukari mine increased 39% compared to Q2 2012, the firm seeing a record 93,624 ounces in the quarter. It also improves 8% on Q1 2013’s figure, while 180,640 ounces have been mined year to date.
Chairman Josef El-Raghy commented:
“The second quarter saw continued improvements in mining and processing productivity at the Sukari operation which, combined with average grades in line with the mine plan, delivered a third successive quarter of record output.”
Continued “high levels of productivity and availability of the processing plant” helped quarterly throughput to a record 1,418kt, which represents a 12% lift on the comparative period last year and a 1% increase on the previous quarter. For the second successive quarter, it has exceeded the nameplate annualised rate of five million tonnes.
Full-year guidance remains unchanged, while Centamin’s shares also received a boost in the wake of Egypt’s political turmoil when President Morsi was removed from power, who was believed to be opposed to Centamin’s operations in the country.
At today’s price, Centamin’s shares have yet to regain all of their value prior to the plunge, and the question whether the potential for recovery makes the miner a ‘buy’ remains your decision.
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> Sam does not own shares in Centamin.
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