Gold price dip hits mining group’s profits

<p>Profits are down at a mining group.</p>

A major mining group has announced a fall in its profits for the third quarter of the year.

The dropping value of gold has had a negative impact on profits for Centamin, the firm announced in its financial results for the July to September period.

Gold production of 84,757 ounces was recorded by the company in Q3, which is a nine per cent drop from the previous quarter.

However, this is a 39 per cent rise on production in the same period last year, Centamin said.

Chairman Josef El-Raghy described the firm's performance for the third quarter as "strong" on several fronts, "most notably a further increase in both tonnes mined from underground and total process plant throughput".

The firm's share price has risen today on the back of the news. At 14:32 GMT, its stocks were trading 7.25 per cent up on the start of the day's figure.

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