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FTSE 250 gold miner Centamin (LON:CEY) produced 117,720 oz. of gold during the three months ended 30th September, 25% below output from the same period of 2017. Management said that September was a strong month, but that operational improvements were taking longer than planned to materialise.
Full-year output forecasts have been cut to 480,000 oz. from previous guidance that indicated levels between 505,000 and 515,000 oz.
Chief executive Andrew Pardey said: “These results are a demonstrable operational improvement on Q2. We are extremely pleased with the operational performance from the open pit. We are through the transitional ore, grades are improving in line with the mine plan and will continue to through the fourth quarter. The underground improvements have been very encouraging and are continuing. Our focus remains on achieving optimal and consistent performance.”
Shares in Centamin fell by 11.78% to 95.94p (as of 11:30 BST).