Centamin PLC Q2 Preliminary Production Results (5212K)

TIDMCEY

RNS Number : 5212K

Centamin PLC

10 July 2017

 
 For immediate     10 July 2017 
  release 
 
 

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

(LSE:CEY, TSX:CEE)

Q2 2017 Preliminary Production Results

Centamin is pleased to announce preliminary production results for the quarter ended 30 June 2017 from its Sukari Gold Mine ("Sukari") in Egypt.

Preliminary total gold production for the quarter was 124,641 ounces, a 14% increase on the previous quarter and 11% lower than Q2 2016. The Company maintains its 2017 production guidance of 540,000 ounces.

Record quarterly throughput rate of 3,056kt at the process plant, a 5% increase on the previous quarter.

Open pit total material movement (ore plus waste) increased by 2% on the previous quarter to 17,493kt. Open pit ore production increased by 23.5% to 3,060kt at an average mined grade of 0.76g/t. This included 222kt @ 0.25g/t delivered to the dump leach pads. The average head grade to the plant from the open pit was 0.81g/t.

The run of mine ore stockpile balance increased by 152kt to 538kt at the end of the period.

The underground operation delivered 293kt of ore at an average mined grade of 8.8g/t. Ore from stoping was 174kt at 11.0g/t and ore from development was 119kt at 5.6g/t.

 
                               Q2 2017 (preliminary)   Q1 2017   Q2 2016 
----------------------------  ----------------------  --------  -------- 
 Open Pit - Total Material 
  Movement (kt)                       17,493           17,129    15,080 
----------------------------  ----------------------  --------  -------- 
 Open Pit - Ore Production 
  (kt)                                 3,060            2,478     3,425 
----------------------------  ----------------------  --------  -------- 
 Underground Ore Production 
  (kt)                                  293              252       256 
----------------------------  ----------------------  --------  -------- 
 Process Plant Throughput 
  (kt)                                 3,056            2,908     2,928 
----------------------------  ----------------------  --------  -------- 
 Process Plant Productivity 
  (tph)                                1,499            1,420     1,432 
----------------------------  ----------------------  --------  -------- 
 Gold Produced (oz)                   124,641          109,187   140,306 
----------------------------  ----------------------  --------  -------- 
 

Centamin will be announcing the financial results for the six months to 30 June 2017 on Thursday 3 August and will be hosting an analyst and investor conference call at 9am that day.

Andrew Pardey, CEO of Centamin, commented:

"As previously outlined in the 2016 full year results and Q1 2017 results, mining activity in the open pit during the first part of 2017 has focussed on the cut back of the east wall with correspondingly low ore grades reported from these sectors. This continued into the second quarter however during the latter part of the quarter higher grade was accessed from the open pit, as scheduled. Mining of higher grades from the open pit is expected to continue for the balance of 2017. Underground mining continued to perform well with excellent grades achieved from stoping activities. With the processing also continuing to deliver very strong levels of productivity, we remain on course to meet our full year 2017 production guidance of 540,000 ounces at a cash operating cost of US$580 per ounce and all-in-sustaining cost (AISC) of US$790 per ounce."

For more information, please contact:

 
 
   Centamin plc                             Buchanan 
   Andrew Pardey, CEO                       Bobby Morse 
   Jonathan Stephens, Chief Development     Chris Judd 
   Officer                                  Patrick Hanrahan 
   ([e-mail]) +44 (0) 1534         + 44 (0) 20 7466 
   828700                                   5000 
 

This announcement contains ongoing regulated information and inside information for the purposes of Article 7 of EU Regulation 596/2014.

LEI: 213800PDI9G7OUKLPV84

Company No: 109180

This information is provided by RNS

The company news service from the London Stock Exchange

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July 10, 2017 02:00 ET (06:00 GMT)