Centamin’s production from Sukari gold mine drops 7% y-o-y in 1H2018

Preliminary gold production from the Sukari gold mine dropped 7% y-o-y in 1H2018 to 217.1k ounces, Centamin announced yesterday (pdf). Production from the mine during 2Q2018 also dropped 25% y-o-y to 92.8k ounces, “reflecting the lower open pit grades as mining progresses through the transitional zone and below forecast underground grades.” The lower-than-expected production levels resulted in the company revising its output target from Sukari in 2018 to 505-515k ounces, down from 580k ounces previously.