Centamin PLC Q1 2018 Preliminary Production Results (1922K)

TIDMCEY

RNS Number : 1922K

Centamin PLC

09 April 2018

 
 For immediate     9 April 2018 
  release 
 
 

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

(LSE:CEY, TSX:CEE)

Q1 2018 Preliminary Production Results

Centamin announces preliminary production results for the quarter ended 31 March 2018 from its Sukari Gold Mine ("Sukari") in Egypt.

Quarter Preliminary Production Results

-- Gold production for the quarter was 124,296 ounces, a 19% reduction quarter on quarter ("QoQ") and a 14% increase year on year ("YoY")

   --    The Company maintains full year guidance of 580,000 ounces 

-- Total ore processed for the quarter was 3.07Mt, a consistent QoQ performance and a 6% increase YoY

-- Metallurgical plant recoveries for the quarter were 89.6%, a material 1% increase QoQ and 1% increase YoY

-- Open pit total material movement for the quarter was 18.5Mt, a 5% increase QoQ and 8% increase YoY

-- Quarterly open pit ore mined was 6.05Mt, at an average mined grade of 0.50g/t, a 6% increase in tonnes QoQ and a 144% increase YoY, and a 19% decrease in grade QoQ and a 6% increase YoY

o This included 1.45Mt at 0.36g/t delivered to the dump leach pads

o The average head grade to the plant from the open pit was 0.69g/t

-- Underground operation delivered 312kt of ore, at an average mined grade of 6.69g/t, a 5% increase in tonnes QoQ and a 24% increase YoY

o Underground ore from stoping was 160kt at 7.27g/t

o Underground ore from development was 152kt at 6.09g/t

   --    Run of mine ore stockpile balance increased by 1.96Mt to 4.14Mt, as at the end of the quarter 
 
 Q1 2018 Preliminary Production 
  Results 
-----------------------------------  --------------------------  --------  -------- 
                             units                      Q1 2018   Q4 2017   Q1 2017 
                                                  (preliminary) 
-------------------------  --------  --------------------------  --------  -------- 
 Open Pit - material 
  moved                       kt                         18,496    17,647    17,128 
 Open Pit - ore 
  mined                       kt                          6,047     5,726     2,478 
 Underground - 
  ore mined                   kt                            312       298       252 
-------------------------  --------  --------------------------  --------  -------- 
 
 Process plant 
  throughput                  kt                          3,068     3,072     2,908 
 Plant feed grade             g/t                          1.31      1.70      1.29 
 Metallurgical 
  recovery rate                %                          89.6%     88.5%     88.8% 
 
 Gold produced                oz                        124,296   154,298   109,187 
-------------------------  --------  --------------------------  --------  -------- 
 

The Company will publish full results for the quarter ending 31 March 2018 on the 3 May 2018. The results will be accompanied by a conference call for investors and analysts at 09:00 BST on the same day.

Andrew Pardey, CEO commented:

"Operationally Sukari has made a solid start to 2018. Whilst first quarter gold production was 124,296 ounces, a 14% increase compared to the corresponding quarter in 2017, production was lower than planned due to the transitional zone of the open pit delivering lower than expected grades. Additional grade control drilling and rescheduling has resulted in accelerated access to the higher grade open pit Stage 4 primary ore throughout the second quarter. We maintain our full year production guidance of 580,000 ounces.

The processing plant has delivered a strong first quarter with throughput greater than 3Mt. Metallurgical recoveries have significantly improved to 89.6% following the continued focus on process controls and successful enhancements to the elution circuit.

The fourth secondary crusher has been installed and commissioning is underway, further lifting throughput capacity in line with increased underground tonnage. Building on the strong plant performance this quarter we look forward with confidence to delivering on our production guidance throughout 2018."

For further information, please visit www.centamin.com or contact:

 
 
   Centamin plc                            Buchanan 
   Andrew Pardey, CEO                      Bobby Morse 
   Alexandra Carse, Investor Relations     Chris Judd 
   [phone]                    + 44 (0) 20 7466 
   [e-mail]             5000 
                                           [e-mail] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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April 09, 2018 03:25 ET (07:25 GMT)