Questor share tip: Centamin bolstered by impressive production figures However, Centamin's production figures, released yesterday, speak for themselves. The company has smashed its own guidance and market expectations in the second quarter by producing a record 67,422 ounces over the period. This is 12pc ahead of consensus and 40pc ahead of its production in the equivalent quarter last year. Speaking from Alexandria, Josef El-Raghy, Centamin chairman, told Questor that this higher-than-expected production was not down to one-off bumper grades of ore but was prompted by operational efficiencies that meant the mine could run at full speed. Expectations are for the grade of ore mined to be higher in the second half of the year. The current guidance is for 70,000 ounces in each of the third and fourth quarters, so Centamin's woes are different to those of other underperforming miners, where operational difficulties and lower-than-expected production are to blame. Mr El-Raghy also said that there were no issues with the Egypt Mineral Resource Authority, as none of the company's contacts have changed despite the significant upheaval in Egypt's government. Brokers are very upbeat about Centamin's prospects, with the average price target of analysts monitored by Bloomberg being 111.9p. A total of 15 analysts have buy ratings and two say hold. This week Numis named Centamin as the top pick in its universe of gold companies. Numis said it believes "that the balance of risks to Centamin are to the upside," although it did concede: "It will clearly still take some time for a fully-functioning democracy to take root in Egypt, and the Muslim Brotherhood has much to deliver to a population which remains impatient for political stability and real economic growth." This uncertainty was underscored yesterday, as Egypt's Islamist-dominated parliament convened in defiance of a ruling by the country's highest court. Centamin's shares are trading on a December 2012 earnings multiple of six times, falling to 4.3 next year. This looks very cheap. They are significantly below the high of 159¾p at which they were tipped before the Arab Spring, but they remain well above the original tip price of 42½p on January 5, 2009. Questor maintains a hold rating but any investors wishing to take a position in the more speculative part of the portfolio could tuck away some more shares ready to reap the expected rise when the political backdrop improves.