ich bleibe jetzt long... Egypt-focused gold miner Centamin (LON:CEY) saw record total gold production during its fourth quarter. Total gold production for the quarter ended 31 December was a record 85,543 ounces, a 45 per cent increase on the same quarter in 2011 and a 40 per cent increase on the third quarter of 2012. Full year production stands at 262,958, a 30 per cent increase on 2011 and above guidance of 250,000 ounces. All mining and processing during the quarter remained on budget despite the temporary suspension of operations in December and grades continued to improve along with the mine plan. The results have been welcomed as Centamin underwent a tumultuous month in December. Growth Company Investor reported at the time that an illegal retrospective claim from the Egyptian General Petroleum Corporation for US$65 million (£40.3 million) sent share tumbling down by up to 40 per cent. However, the shares rebounded gaining half of that lost value back by when its fuel supplier Chevron received notification from the Egyptian General Petroleum Corporation that fuel supply to its Sukari mine may be resumed and that no retrospective payment was currently due. The company has said that although delays by custom officials are on-going gold exports have continued during January and are expected to do so for the foreseeable future. Shares in Centamin were up 12.9 per cent this morning to 49.9p, valuing the company at £549.2 million. sami Link http://www.growthcompany.co.uk/news/2143238/...ecord-production.thtml |
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