Multibagger Miner Maintains 2012 Target

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London -- This morning, gold miner Centamin  (ISE: CEY.L) announced its third-quarter preliminary production results from its Sukari gold mine in Egypt.

The mineral exploration, development, and mining company reported that total gold production for Q3 was 60,922 ounces, 20% up on the corresponding quarter in 2011. However, the figure was a 10% decrease on the most recent quarter, while quarterly throughput at the Sukari process plant was 1,004 kilotons, 5% up on Q3 2011 but a 21% decrease on Q2 2012. This is due to a scheduled SAG mill reline in September and the illegal strike in July.

Speaking on the matter, Centamin chairman Josef El-Raghy said: "The team at Sukari once again delivered a strong set of operating results which are particularly pleasing given the several cumulative issues that were faced and addressed during the quarter. Open pit tonnages continued to increase according to plan and the operation as a whole entered the fourth quarter well placed to meet our unchanged full year production guidance of 250,000 ounces."


The open pit delivered total material movement of 6,970 kilotons, up 6% on Q2 2012. With higher material movements from the open pit, the run of mine ore stockpile balance increased by 83 kilotons to 580 kilotons by the end of the quarter. The underground mine delivered 93.4 kilotons, down 19% on Q2 2012.

Centamin management stated that they expect production in excess of 70,000 ounces in the final quarter, bringing total expected production for the year in line with guidance of 250,000 ounces.

Shares were up marginally at the time of writing to 98.65 pence, a 1% rise from the market's close of 97.65 pence. This is over four times the value of the shares' price five years ago, which saw them reaching a low of 22.2 pence.

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The article Multibagger Miner Maintains 2012 Target originally appeared on Fool.com.

Sam Robson does not own shares in any of the companies mentioned.The Motley Fool has adisclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.
 

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