Egyptian Gold miner, Centamin has seen its production rise 36 percent in 2013, recording 356,943 ounces of gold production during the period and exceeding targeted output by 12 percent.

Earnings before interest, tax and amortization however stood at $234 million, slightly below market estimates of $239 million according to Reuters, driven largely by a sharp fall in gold price, Ahram Online reported.

Egypt’s largest gold miner was able to maintain profit expectation, recording a 1 percent growth, as a result of positive production figures.

It is targeting an 18 percent growth this year with production estimated to exceed 420,000 ounces of gold.

Last year, the Suraki Gold Mine operator – the largest mine in Egypt – announced a $40 million takeover of Ampella, an Australian mining firm with significant assets in West Africa.