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Monday, 8 October 2018

Centamin cuts output targets, shares drop 12%

Gold miner Centamin has cut its 2018 output target from its Sukari mine in Egypt to 480k ounces from a previous forecast of 505k-515k ounces due to operational improvements at its taking “longer than planned to materialise,” according to a company release. Centamin had previously cut its output target in May from an initial forecast of 580k ounces due to lower grade gold at Sukari. The announcement caused Centamin’s share price to drop 12% on Friday, according to the Financial Times.

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