Centamin PLC Retirement of Chief Executive Officer (6322O)
03 October 2019 - 4:00PM
UK Regulatory
TIDMCEY
RNS Number : 6322O
Centamin PLC
03 October 2019
FOR IMMEDIATE RELEASE
3 October 2019
Centamin plc
("Centamin" or "the Company")
(LSE:CEY, TSX:CEE)
Retirement of Chief Executive Officer
Centamin today announces that Andrew Pardey has informed the
Board of his intention to retire as Chief Executive Officer
("CEO"). The Nomination Committee, chaired by Edward Haslam, is
initiating a search process to find a new CEO, commencing with the
appointment of a global executive search firm.
Andrew will continue with his responsibilities - fully supported
by the Executive team and the Board - while assisting the search
process and facilitating an orderly handover to the appointed
successor, within his 12-month notice period.
The Company previously communicated that third quarter ("Q3")
production was behind expectations primarily due to reduced open
pit mining rates on the higher-grade Stage 4 West wall. Total gold
production for Q3 is expected to be 97-98,000 ounces, bringing
production for the first nine months of 2019 to 331-332,000 ounces.
During Q3, there have been significant changes to the operational
team at Sukari and with the planned mining of higher-grade material
from the open pit and underground, the lower end of annual guidance
range (490,000 ounces) remains achievable.
The Q3 Report is scheduled to be published on 23 October 2019
and will include a more detailed outlook for the fourth
quarter.
Josef El-Raghy, Chair, commented:
"I have had the pleasure of working with Andrew for nearly 12
years, from when he joined Centamin as the General Manager at
Sukari. In this time, Sukari has transitioned from exploration
through to construction of Egypt's first modern gold mine, and
today, is a global top 20 gold mine. Andrew has worked tirelessly
and with great sacrifice during his tenure. On behalf of the Board
and shareholders, I would like to thank him for his commitment. I
look forward to working closely with Andrew in this period of
transition as we restore operational consistency at Sukari and
prepare Centamin for its next stage of growth."
Andrew Pardey, commented:
"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.
I would like to thank the Board, all my colleagues and the
shareholders for their dedication, loyalty and support transforming
this business and building an exceptional mine."
This announcement contains inside information as defined by
Article 7 of Market Abuse Regulation No. 596/2014.
For more information, please visit the website www.centamin.com
or contact:
Centamin plc Buchanan
Andrew Pardey, CEO Bobby Morse
Alexandra Carse, Investor Relations Chris Judd
+44 (0) 7700 713 738 + 44 (0) 20 7466 5000
alexandra.carse@centamin.je centamin@buchanan.uk.com
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END
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