Centamin shares fall as production drops

Shares in FTSE 250 miner Centamin (LON:CEY) slipped 5.77% to 110.95p (as at 10:30 BST) after the company revealed that gold production for the three months ended 30th June was roughly 25% lower than in the same period of the prior year due to lower than expected ore grades in the company’s underground mines and a transitional mining period in its open pits. Output for the year to date was also 7% lower than in 2017, but management said that they expect to regain some of this ground as the pit mines reach higher quality ores.

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CEO Andrew Pardey said that: “Our focus now remains firmly on delivering the underground operations back in line with forecasts and returning Sukari’s production profile to a steady state“.