Centamin surges after production boom
Wednesday 09 January 2013
The gold miner Centamin shrugged off its recent troubles in Egypt today as it shattered production targets, sending the company's shares surging.
The group has been beset by difficulties in recent weeks at Sukari, Egypt's first modern gold mine, including a row with Egyptian officials who banned Centamin from exporting, claiming that the company did not have the correct permits.
This caused the mine to temporarily halt production in December along with a row over a $65m (£40m) diesel bill which halted fuel supplies.
But the miner soared to the top of the FTSE 250 index today as Centamin produced a record 85,543 ounces in the last three months of 2012, up 40 per cent on the previous quarter.
Its full-year output of 262,958 ounces was also ahead of its 250,000 guidance.
The shares rose 5.8p, or 13 per cent, to 49.98p, adding more than £60m to the company's value.
- 1 If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
- 2 Moscow voted the world's unfriendliest city
- 3 Idris Elba is ‘too street’ to play 007, says James Bond author
- 4 Pansexual: What is it - and when did the term gain popularity?
- 5 I'm pansexual – here are the five biggest misconceptions about my sexuality
Bono's group has made more money from Facebook investment than from all his music
Miley Cyrus calls out hypocrisy of women’s nipples being taboo
Auschwitz museum defends mist showers installed during heat wave after visitor complains they are reminiscent of gas chambers
More than 11,000 Icelanders offer to house Syrian refugees to help European crisis
Nazi 'gold train': Fire engulfs suspected location of vehicle in Poland
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
UN investigating British Government over human rights abuses caused by IDS welfare reforms
iJobs Money & Business
£20000 - £25000 per annum: Recruitment Genius: We are a vibrant and establishe...
£15000 - £20000 per annum: Recruitment Genius: An experienced Repayments Advis...
£25000 - £30000 per annum: Recruitment Genius: This leading provider of financ...
£20000 - £25000 per annum + competitive: SThree: Are you looking to take your ...