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Centamin Q1 gold output at flagship Sukari rises 9%

Quarterly production at Centamin's large-scale Sukari gold mine in Egypt rose 9%, sending the company's shares up as much as 4.5%.

(Reuters)  - 

Egypt-focused miner Centamin Plc said quarterly production at its flagship Sukari gold mine rose 9 percent, sending its shares up as much as 4.5 percent.

Production at Sukari - the first large-scale modern gold mine in Egypt - rose to 49,071 ounces for the first quarter from 45,204 ounces a year earlier.

Centamin backed its production forecast of 250,000 ounces of gold for the year - 25 percent above last year's output. This would come at a cash cost of $550 per ounce, the company said in a statement.

"With our commitment to a continued capex and exploration programme, the periods ahead will see sustained growth on many fronts in both Egypt and Ethiopia," said Centamin Chairman Josef El-Raghy.

The company's pretax profit fell to $54.3 million for the quarter ended March 31 from $56.1 million a year ago, offsetting gains from higher average price, which rose nearly 21 percent to $1,694.

Centamin shares were up about 2 percent at 62.3 pence at 7.43 GMT on the London Stock Exchange. They touched a high of 63.75 pence earlier in the session.

(Reporting by Monika Shinghal in Bangalore; Editing by Joyjeet Das)