Production at Gold Miner Centamin Egypt surges 46% in Q1

Gold miner Centamin achieved output of 108,233 ounces in the first quarter of 2015, a 46 percent rise compared to the same period the previous year, the company announced in a statement on Wednesday.

The London-listed company kept its forecast of 420,000 ounces for 2015.

Production at Sukari, the company’s only producing mine, located on Egypt’s south eastern coast, reached 377,261 ounces in 2014.

The expected rise in production comes after the Egyptian government approved the firm’s request to use ammonium nitrate as an explosive for open pit mining from the fourth quarter of 2014.

Centamin’s share price edged up 0.58 percent to £60.85 at 09:29 am GMT in the London Stock Exchange.

Source: Ahram Online