Centamin climbing out of the pit

Centamin (CEY) beat some stiff competition to the title of most disappointing UK-listed gold miner in 2018. Persistent low grades at the Sukari mine, exacerbated by a lack of available equipment in the second quarter, led to a swell in costs and not one but two production downgrades. Full-year output is now likely to hit 480,000 ounces, 17 per cent off the original plan, while all-in sustaining costs could reach $890 (£706) an ounce, 16 per cent above January’s guidance.