Centamin surges after production boom

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The Independent Online

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.