JOHANNESBURG (miningweekly.com) – Egypt-focused gold miner Centamin expects to produce 320 000 oz of gold, at a cash operating cost of $700/oz, at its Sukari mine this year.
This would represent a 22% increase on the 262 958 oz produced in 2012, which had been above guidance of 250 000 oz.
Centamin stated that this would mark the third successive year of output growth at the mine as it moved towards a targeted yearly output of between 450 000 oz and 500 000 oz from 2015 onwards.
The gold miner pointed out in a statement to shareholders, on Thursday, that the stage-four expansion project at the mine had seen some delays.
“We now anticipate the bulk of commissioning activities at the expanded plant to commence during the second half of 2013, although there is no change to our expectation that the plant will be fully operational before the end of the year,” it noted.
These delays, as well as general cost inflation, have increased the estimated capital cost of the stage-four project to $325-million, including contingency costs, compared with the previously anticipated $287.6-million, excluding contingency costs.