Centamin reshuffles board amid production hitches at Sukari mine
Egypt-focused gold miner Centamin (LON:CEY) (TSX:CEE)Â began the year with some key board changes by announcing Josef El-Raghy had , 16 years after becoming managing director.
The company, which closed 2018 with disappointing news related to its Sukari gold mine in Egypt, said El-Raghy will remain on the board while the search for a successor continues.
The Egypt-focused gold miner said chairman Josef El-Raghy will remain on the board while the search for a successor continues.
El-Raghy’s intention to retire was first announced at the start of 2018, but Centamin has just hired expert help to assist in its search for a new non-executive chairman.
The miner it would miss the December quarter’s guidance of 145,000 ounces of gold, resulting in annual production from Sukari being about 2% below the expected 480,000 ounces for the year.
As part of the board reshuffle, Centamin has also appointed three independent non-executive directors, one of whom will become non-executive chair in 2020.
Following these changes, the Centamin board will consist of eight members, with two executive and six-non-executives. Of the non-executives, five are independent.
Sukari, which began operations in January 2010, comprises a large open pit and an underground mine. The asset is Centamin’s only operating mine and Egypt’s sole gold-exporting mine.
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