Centamin PLC Beats Full-Year Guidance

Centamin (LSE: CEY) was one of the morning’s big risers in early trade, jumping over 5% after announcing preliminary production results from its Sukari gold mine for the fourth quarter.

The gold-mining company revealed a year-on-year increase of 7% for total gold production, to 91,546 ounces against 85,413 in Q4 2012. This compared favourably against the previous quarter, lifting 8% ahead of Q3 2013’s total of 84,757.

Full-year production therefore came in at 356,943 ounces, which is above management’s guidance of 320,000 ounces and also a 36% increase on 2012.

Throughput at Sukari rose by 12% for the quarter ended 31 December 2013 compared against the prior year period, albeit a 4% decline against Q3 2013.

Chairman Josef El-Raghy commented:

“Consistently high levels of productivity have been achieved at Sukari throughout 2013, with minimal impact from unplanned stoppages or the start of Stage 4 commissioning activities.  Full year production is ahead of guidance, as indicated in the Q3 results, and we look forward to delivering a further successive year of growth in 2014 as the plant expansion drives the continued ramp-up towards our 450-500,000 ounce per annum long-term target.  Despite the weak gold price environment, we again exit the year with a robust financial and operating base on which to continue delivering our growth strategy.”

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> Sam does not own shares in Centamin.