Centamine It has reduced its 2020 production guidance after suspending part of its sugar gold mine in Egypt.
The company said it had immediately postponed the opening of the open pit tunnel on Sukari’s Stage 4 west wall. Sentamin said it has taken steps to stabilize the affected area and has begun a geotechnical assessment with the aim of mining the affected area.
Sentamine said it had stopped operations to protect its workers and protect Sukari’s long-term potential. Shares of the company traded down 18.5% at 083.32 BST at 163.90 p.
The company said the high-quality zone is expected to be cut in the fourth quarter of 2020 and 2021. It said the region has about 90,000 ounces of gold and mines of affected high-quality goods will be re-planned.
Sentamin said preliminary gold production for the three months to the end of September was about 120,000 ounces, and 2020 production so far is 375,000 ounces. It said fourth-quarter production would drop to about 70,000 ounces due to the disruption.
Centennial CEO Martin Horgan said: “The safety of our employees is paramount.
Horgan said the recovery requirements and impacts on the stability of the mine will be added to the ongoing property review life.