Shares in Egypt-focused gold miner Centamin (LON:CEY) (TSX:CEE) fell on Thursday more than 15% to 105.65 in London after it announced that its chief executive, Andrew Pardey, would leave the company following a year of operational challenges.
Pardey, who joined the company 12 years ago as general manager, will stay at the post for a year, while Centamin looks for a new boss.
The company also warned that production for the first nine months of 2019 is expected to be between 331,000 and 332,000 ounces. While lower than what originally expected, the company said the lower end of its full-year guidance range of 490,000 ounces of gold remains “achievable.”
Pardey helped build the company’s Sukari mine, Egypt’s largest gold operation. The asset’s performance over the last two years, however, has disappointed investors.
Sukari, which began operations in January 2010, comprises a large open pit and an underground mine. Last year, the company worked on operational improvements on both sections, but they took longer than planned to materialize.
For the rest of this article: https://www.mining.com/centamins-ceo-to-leave-after-challenging-year-for-the-miner/