Centamine Egypt has cut its 2020 production guidance after halting operations on part of its dry goldmine.
The company said it had suspended open pit mining after discovering mobility in the local area of the waste material on the skipper’s Stage 4 west wall. Sentmin said he has taken steps to stabilize the affected area and has begun a physical technical assessment for the purpose of mining the affected area.
Sentmin said it has suspended operations to protect its workers and protect Sukri’s long-term prospects. 08:32 Shares of the company fell 18.5% to 163.90p on BST.
The company said the high-grade zone was to be mined in the fourth quarter of 2020 and in 2021. The area contains about 90,000 ounces of gold and the mining of the affected high-grade materials will be restructured, it said.
The initial production of gold in the three months to the end of September was about 120,000 ounces, up from the production of 2020, which is 375,000 ounces so far, Sentin said. It said the disruption would reduce fourth-quarter production to about 70,000 ounces.
“The safety of our employees is paramount. The use of Opera radar systems has facilitated the active-management of geotechnical hazards and we have decided to suspend production from this high-grade area. Save. “
Horgan said the recovery requirements for the mine’s sustainability and its implications will be incorporated into the life of the ongoing property review.
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