Despite the political turmoil in Egypt and an internal expansion programme, gold miner Centamin has surpassed predicted production in during Q4 of 2013.

The London listed miner last week revealed a total Q4 production of 91,546 ounces from its Sukkari mine, the largest in Egypt. This represented an 8 percent increase from the Q3 and a 7 percent rise from the same period last year, a report by local news Ahram Online indicated.

Total production for the year was posted as 356,943 ounces, well above the stipulated output of 320,000 ounces and a 36 percent increase from 2012, despite warnings by the firm that a $325 million extension project to double iron ore output from 5 to 10 million tonnes yearly, might shrink production in the short run.

Sukkari mine, Centamin’s flagship operation in Egypt, is expected to follow the same upward trajectory by producing 450,000 to 500,000 ounces by 2015.

Centamin was however unable to avoid a dip in revenue, which was driven largely by a drop in gold prices, but remains bullish on meeting its production targets, with the notion that a continuous decline in world supply coupled with a rising demand by BRICS countries will provide the necessary upturn in revenue turnover.

“Despite the weak gold price environment, we again exit the year with a robust financial and operating base on which to continue delivering our growth strategy,” Financial Times quoted Josef El-Raghy, chairman of Centamin as saying.

In a bid to expand its African operations, Centamin in December announced a $40.9 million takeover of Australian mining company Ampella, which holds gold assets in Burkina Faso and other West African countries.