Centamin cuts output targets on lower grade gold, shares drop 18%

Gold miner Centamin has cut its 2018 output to 505k-515k ounces from a previous forecast of 580k ounces due to lower grade gold at its Sukari mine in Egypt, according to a company release. The London-listed miner also raised its cost expectations for producing an ounce of gold to USD 875-890 an ounce from a previous target of USD 770. The company’s decision, which came as a result of persisting “low grades” from the the open pit and underground, was followed by a drop of as much as 18% in shares on Friday, the Financial Times reports.