Egypt-focused gold producer Centamin plc (LSE: CEY, TSX: CEE) has beat analyst and investor expectations again by producing a record amount of gold last quarter at its Sukari mine, according to reports by The International Resource Journal.
The company produced 93,624oz of gold in the three months to the end of June, up 8 per cent from the previous quarter and 39 per cent from the same period a year ago.
Centamin chair Josef El-Raghy attributed the company’s third successive quarter of record output to “continued improvements in mining and processing productivity” at Sukari.
These positive results boosted the miner’s shares by almost 4 per cent, bringing the percentage it has gained since Egypt’s military coup to 27 per cent.
However, the stock price remains 40 per cent lower than it was a year ago, following an Egyptian court ruling that questioned Centamin’s right to operate Sukari. Its appeal against the ruling will be heard on 24 September.