Multibagger Miner Maintains 2012 Target

London -- This morning, gold miner Centamin  (LSE: CEY.L  ) announced its third-quarter preliminary production results from its Sukari gold mine in Egypt.

The mineral exploration, development, and mining company reported that total gold production for Q3 was 60,922 ounces, 20% up on the corresponding quarter in 2011. However, the figure was a 10% decrease on the most recent quarter, while quarterly throughput at the Sukari process plant was 1,004 kilotons, 5% up on Q3 2011 but a 21% decrease on Q2 2012. This is due to a scheduled SAG mill reline in September and the illegal strike in July.

Speaking on the matter, Centamin chairman Josef El-Raghy said: "The team at Sukari once again delivered a strong set of operating results which are particularly pleasing given the several cumulative issues that were faced and addressed during the quarter. Open pit tonnages continued to increase according to plan and the operation as a whole entered the fourth quarter well placed to meet our unchanged full year production guidance of 250,000 ounces."

The open pit delivered total material movement of 6,970 kilotons, up 6% on Q2 2012. With higher material movements from the open pit, the run of mine ore stockpile balance increased by 83 kilotons to 580 kilotons by the end of the quarter. The underground mine delivered 93.4 kilotons, down 19% on Q2 2012.

Centamin management stated that they expect production in excess of 70,000 ounces in the final quarter, bringing total expected production for the year in line with guidance of 250,000 ounces.

Shares were up marginally at the time of writing to 98.65 pence, a 1% rise from the market's close of 97.65 pence. This is over four times the value of the shares' price five years ago, which saw them reaching a low of 22.2 pence.

If you are keen to earn such handsome profits from shares, this free Motley Fool report -- "10 Steps to Making a Million in the Market" -- can help you on your way.

The report explains how taking a contrarian view and backing unloved companies is a vital step on the path to the magic million milestone. You never know, the next Centamin could be out there right now ready to transform your wealth!

If the oil and gas industry takes your fancy, the latest Motley Fool report, "How to Unearth Great Oil and Gas Sharesmight be just what you want. It's free, so click here for your personal copy.

Further Motley Fool investment opportunities:

Sam Robson does not own shares in any of the companies mentioned. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.
 


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2049863, ~/Articles/ArticleHandler.aspx, 10/1/2014 10:53:11 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Apple's next smart device (warning, it may shock you

Apple recently recruited a secret-development "dream team" to guarantee its newest smart device was kept hidden from the public for as long as possible. But the secret is out. In fact, ABI Research predicts 485 million of this type of device will be sold per year. But one small company makes Apple's gadget possible. And its stock price has nearly unlimited room to run for early-in-the-know investors. To be one of them, and see Apple's newest smart gizmo, just click here!


Advertisement