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Centamin’s Sukari achieves strong fourth-quarter performance

9th January 2020

By: Tasneem Bulbulia

Deputy Editor Online

     

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The Sukari gold mine, in Egypt, achieved one of its strongest production quarters in the three months to December 31, said dual-listed Centamin, which is the subject of a potential takeover by Canada's Endeavour Mining.

This was a significant achievement for the mine’s operational team, CEO Ross Jerrard said in a statement.

Sukari delivered 148 387 oz of gold in the fourth quarter, a 51% quarter-on-quarter improvement, driven by improved feed grades, metallurgical recoveries and year-end plant drawdown of gold-in-circuit.

The mine’s full-year production was 480 529 oz of gold, a 2% improvement on the previous year.

“During 2019 there have been substantial changes in senior management and this transition in leadership is beginning to be reflected in our improved operating performance,” Jerrard noted.

The company will release its full report for the period on January 30.

Centamin expects to produce between 510 000 oz and 540 000 oz of gold this year.

Endeavour Mining last month disclosed its intention to buy Centamin and rejected a £1.47-billion proposal. The Toronto-listed suitor has until January 14 to make a formal offer for Centamin.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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