TSX- and LSE-listed Centamin produced 117 720 oz of gold in the third quarter ended September 30 – a 27% improvement on production in the second quarter, as a result of month-on-month operational improvements in the openpit and underground operations.

In a statement on Friday, the gold miner noted that September was a strong month, with production of 48 511 oz.

However, the company lamented that operational improvements have taken longer than planned to materialise.

Improvements are expected to be sustained in the fourth quarter of the year, with production expected to be in the region of 145 000 oz.

This, Centamin pointed out, would result in production of about 480 000 oz for the full year.

This is lower than the 505 000 oz to 515 000 oz forecast in May and well below the 580 000 oz target set at the start of the year.

Meanwhile, with regard to the miner’s openpit operations, mining of the Stage 4 transitional zone was completed in the third quarter and mining is now in the high-grade fresh sulphide material, which will be the source of ore for at least the next three years.

The openpit is performing slightly ahead of expectations, Centamin said. Ore mined, and material moved achieved a record 6.6-million tonnes and 19.9-million tonnes, respectively.

Openpit ore grade mined has improved month-on-month, to 0.74 g/t for September, and averaged 0.64 g/t in the third quarter. The openpit average milled grade was 0.81 g/t.

Meanwhile, total underground ore mining of 327 000 t represented a 13% quarter-on-quarter increase, at an average mined grade of 5.18 g/t. This, the company highlighted, is a 12% increase quarter-on-quarter owing to ongoing implementation of changes initiated in the previous quarter.

Ore mined from stoping was 199 000 t at 6.16 g/t, while ore mined from development was 128 000 t at 3.65 g/t.

The Cleopatra decline development progressed to 864.4 m, delivering 70 897 t of material at an average development grade of 1.56 g/t. This decline development produced 3 223 oz in the third quarter, and the exploration drilling continues to test the contact zones at depth.

Assay results will be released as part of the detailed results and are expected to be released on November 1. Full third-quarter results will be released on the same day.

Total ore processed through the plant was 3.1-million tonnes, at a head grade of 1.29 g/t, which is a 31% increase quarter-on-quarter and metallurgical plant recoveries for the quarter were 88.7%, a 1% increase quarter-on-quarter.

The third-quarter results, according to CEO Andrew Pardey, are a demonstrable operational improvement on the second quarter.

“We are extremely pleased with the operational performance from the openpit. We are through the transitional ore, grades are improving in line with the mine plan and will continue through to the fourth quarter.

“The underground improvements have been very encouraging and are continuing. Our focus remains on achieving optimal and consistent performance."