Shares in Egypt-focused gold miner Centamin fell sharply in London on Wednesday after the company reported a 13 per cent drop in full-year gold production at Sukari. The company produced 472418 ounces of gold at the Sukari mine last year, compared with 544658 ounces in 2017 because of production disruptions and low grade.
The mine produced 137600 ounces in the last three months of 2018, up 17 per cent from the previous quarter but down 11 per cent from a year earlier.
Sukari began operations in January 2010, including a large open pit and an underground mine.
Last year, the company focused on operational improvements in both departments, but took longer than planned.
Centamin Mining's opencast mining of 5 million tons of ore fell 24 per cent in the fourth quarter from a month earlier, but its performance increased by 18 per cent to 0.75g of gold / ore.
From the underground, the company dug up 314000 tons of ore in the fourth quarter, down 4 per cent from a month earlier, with an average gold content of 6.2g per tonne, up 20 per cent in the third quarter.
Last week, the company announced that Josef El-Raghy, its executive chairman, had taken over as non-executive chairman and would continue to look for a permanent replacement.
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