Centamin PLC Q2 2016 Preliminary Production Results (4691D)

TIDMCEY

RNS Number : 4691D

Centamin PLC

07 July 2016

 
 For immediate     7th July 2016 
  release 
 
 

Centamin plc ("Centamin" or "the Company")

(LSE:CEY, TSX:CEE)

Q2 2016 Preliminary Production Results

Centamin is pleased to announce preliminary production results for the quarter ended 30 June 2016 from its Sukari Gold Mine ("Sukari") in Egypt.

Preliminary total gold production for the quarter was 140,306 ounces, a 12% increase on the previous quarter and a 30% increase on Q2 2015.

Quarterly throughput at the process plant was 2,929kt, a 2% increase on the previous quarter. Annualised throughput exceeds our base case target rate of 11 million tonnes per annum (Mtpa).

Open pit total material movement (ore + waste) decreased 1% on the previous quarter to 15,080kt. Open pit ore production increased by 42% to 3,425kt at an average mined grade of 0.90g/t of gold. The average head grade to the plant from the open pit was 0.99g/t. The run of mine ore stockpile balance increased by 521kt to 1,012kt at the end of the period.

The underground operation delivered 256kt of ore, a 9% reduction on the previous quarter, at an average mined grade of 9.3g/t. Productivity remained above our forecast rate of 1 million tonnes per annum at 6g/t. Ore from stoping was 143kt at 8.5g/t, comparable with the previous quarter (145kt at 9.2g/t). Ore from development was 113kt at 10.3g/t.

 
                               Q2 2016 (preliminary)   Q1 2016   Q2 2015 
----------------------------  ----------------------  --------  -------- 
 Open Pit - Total Material 
  Movement (kt)                       15,080           15,157    13,671 
----------------------------  ----------------------  --------  -------- 
 Open Pit - Ore Production 
  (kt)                                 3,425            2,405     1,751 
----------------------------  ----------------------  --------  -------- 
 Underground Ore Production 
  (kt)                                  256              281       282 
----------------------------  ----------------------  --------  -------- 
 Process Plant Throughput 
  (kt)                                 2,929            2,876     2,667 
----------------------------  ----------------------  --------  -------- 
 Process Plant Productivity 
  (tph)                                1,432            1,421     1,361 
----------------------------  ----------------------  --------  -------- 
 Gold Produced (oz)                   140,306          125,268   107,781 
----------------------------  ----------------------  --------  -------- 
 

Andrew Pardey, CEO of Centamin, commented:

"The Sukari operation has continued to build on the strong start to the year, with total first half production of 265,574 ounces of gold. The continued optimisation of the processing operation saw plant throughput increase further during the second quarter, remaining above our base case forecast rate of 11Mt per annum. The open pit delivered an increase ore material movement and the underground mine continued to deliver both tonnes and grade in excess of our base case forecast. Full year 2016 production and cost guidance will be updated with the Q2 financial report."

For more information, please contact:

 
 
   Centamin plc                        Buchanan 
   Josef El-Raghy, Chairman            Bobby Morse 
   Andrew Pardey, CEO                  Chris Judd 
   Andy Davidson, Head of Investor     Patrick Hanrahan 
   Relations                           + 44 (0) 20 7466 
   ([e-mail]) +44     5000 
   (0) 1534 828708 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCRFMFTMBMMBAF

(END) Dow Jones Newswires

July 07, 2016 02:00 ET (06:00 GMT)