Centamin Eqypt Scales Back 2011 Production Guidance to 200K-210K Oz., Shares Off 19%
Centamin Eqypt (CEE.TO) is down over 19% today at $1.74 a share, sliding 40 cents on volume of more than 1.3 million shares after the company scaled back its 2011 production forecast, saying it now expects to produce between 200,000 to 210,000 ounces of gold this year with a cash cost of around $550 an ounce.
The miner said its blasting activities were below normal during the three months ended June 30 because of irregular quality of blast products reducing open pit and underground mining. It said it expects Q3 activities are returning to normal.
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