Gold miner Centamin Egypt Ltd produced a lower than expected 30,236 ounces in the quarter to end June, but said it remains on track to produce 200,000 ounces in 2010.
Production fell to 30,236 ounces in its fourth quarter, from 36,621 ounces in its third quarter to end March, on lower grades.
Cash operating costs averaged $569 an ounce, higher than expected and above Q3’s $403 an ounce, mainly due to lower output.
"While today’s production figure was lower than we forecast, we see no major issue going forward because the contributing factors are now largely dealt with, as demonstrated by the full-year guidance being retained at 200,000 oz with cash costs under $400/oz," said Brock Salier, an analyst at Ambrian Capital.
The FTSE 250 gold producer posted a maiden operating profit of $19.1 million after selling 30,759 ounces of gold in the fourth quarter.
It has continued to grow proven and probable ore reserves at its flagship Sukari project in Egypt. Total resources at the end of June totaled 14.5 million ounces, even after around 100,000 ounces were mined, up from 13.7 million ounces estimated last December.
