A fall in the grade from its open pit was behind a sharp decline in output from Centamin PLC’s (LON:CEY) Sukari Gold Mine in Egypt.
Production was 109,187 ounces of yellow metal in the three months just ended – a 20% quarter on quarter decline and off 13% year on year.
However the gold digger is maintaining its 2017 guidance, which sees it producing 540,000 ounces at an all-in sustaining cost of US$790 per ounce.
The grade should be helped as the cutback in the east wall of the open pit is “further progressed”.
“[The] processing and underground mining operations also continuing to deliver strong levels of productivity,” said chief executive Andrew Pardey.
In lunchtime trading, Centamin shares topped the FTSE 250 fallers list, down 4.2%, or 7.7p at 177.1p, impacted as well by a clamp-down in Egypt following two deadly bombings at Coptic Christian churches yesterday.
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