Management change pushes Centamin downwards

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Management change pushes Centamin downwards
Master Investor Magazine

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FTSE 250 gold miner Centamin (LON:CEY) has seen its share price drop by 13.11%, to 108.70p (as of 13:20 BST), after its CEO announced that he intended to retire. Andrew Pardey will continue with his responsibilities while assisting with the search for a replacement.

Gold production during the third quarter has been slower than hoped but the company remains on track to meet the lower end of annual guidance after significant changes to the on-site operational team at the Sukari mine.

Chair Josef El-Ragy commented: “I have had the pleasure of working with Andrew for nearly 12 years, from when he joined Centamin as the General Manager at Sukari. In this time, Sukari has transitioned from exploration through to construction of Egypt’s first modern gold mine, and today, is a global top 20 gold mine. Andrew has worked tirelessly and with great sacrifice during his tenure. On behalf of the Board and shareholders, I would like to thank him for his commitment. I look forward to working closely with Andrew in this period of transition as we restore operational consistency at Sukari and prepare Centamin for its next stage of growth“.

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