Third Successive Quarter Of Record Output At Centamin PLC

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.

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> Sam does not own shares in Centamin.