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Centamin CEO Andrew Pardey To Retire; Lower End Of FY Production View Achievable

Gold miner Centamin Plc (CELTF.PK,CEY.L,CEE.TO) announced Thursday that Andrew Pardey has informed the Board of his intention to retire as Chief Executive Officer.

The Nomination Committee, chaired by Edward Haslam, is initiating a search process to find a new CEO

Pardey will continue with his responsibilities until a successor is found. He will also assist the search process and facilitate an orderly handover, within his 12-month notice period.

Pardey said, "It has been a privilege to be involved with Centamin and grow with it, from General Manager to Chief Operating Officer and ultimately serving the last four years as Chief Executive Officer."

Further, regarding its production guidance, the company now said the lower end of annual guidance range, i.e., 490,000 ounces, remains achievable.

Previously, the company had said that its third-quarter production was behind expectations primarily due to reduced open pit mining rates on the higher-grade Stage 4 West wall.

Total gold production for the third quarter is expected to be 97-98,000 ounces, bringing production for the first nine months of 2019 to 331-332,000 ounces.

During the quarter, the company noted that there have been significant changes to the operational team at Sukari. The planned mining of higher-grade material from the open pit and underground will also impact annual outlook.

The company is scheduled to report its third-quarter results on October 23.

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