Centamin PLC 2015 Production Guidance and Q4 Production Results (5899B)
January 08 2015 - 2:00AM
UK Regulatory
TIDMCEY
RNS Number : 5899B
Centamin PLC
08 January 2015
For immediate 8th January 2015
release
Centamin plc ("Centamin" or "the Company")
(LSE:CEY, TSX:CEE)
2015 Production Guidance and Q4 Preliminary Production
Results
Centamin is pleased to announce preliminary production results
for the quarter end 31 December 2014 and 2015 production guidance
from its Sukari Gold Mine ("Sukari") in Egypt.
Total gold production for the quarter was a record 128,115
ounces, a 40% increase on the corresponding quarter in 2013 and 37%
higher than Q3 2014. This brings full year production to 377,261
ounces, a 6% increase on 2013 and within revised guidance of
between 370,000 and 380,000 ounces.
Record quarterly throughput at the process plant was 2,597kt, a
9% increase on Q3 2014 and above nameplate capacity of 10Mtpa, with
potential to increase further during subsequent quarters as the new
plant expansion is fully optimised.
Open pit total material movement increased 21% on the previous
quarter, to 13,804kt following the government approval during the
quarter for the required increase in Ammonium Nitrate (AN) usage.
Open pit ore production increased on Q3 2014 by 53% to 4,123kt and
average grades mined increased over the third quarter. The run of
mine ore stockpile balance increased by 1,021kt to 2,172kt at the
end of the period.
The underground operation delivered a record 284kt of ore, up
15% on Q3 2014.
Q4 2014 Q3 2014 Q4 2013
(estimate)
---------------------------- ------------ -------- --------
Total Material Movement
- Open Pit (kt) 13,804 11,406 9,642
---------------------------- ------------ -------- --------
Open Pit Ore Production
(kt) 4,123 2,693 3,161
---------------------------- ------------ -------- --------
Underground Ore Production
(kt) 284 248 174
---------------------------- ------------ -------- --------
Process Plant Throughput
(kt) 2,597 2,388 1,400
---------------------------- ------------ -------- --------
Process Plant Productivity
(tph) 1,330 1,260 698
---------------------------- ------------ -------- --------
Gold Produced (oz) 128,115 93,624 91,546
---------------------------- ------------ -------- --------
Forecast production from the Sukari Gold Mine for 2015 is
420,000 ounces at a cash operating cost of US$700 per ounce. This
would represent an 11% increase on 2014 production of 377,261
ounces and would become the sixth successive year of growth at
Sukari. Open pit production for 2015 is focused on stripping the
northern and eastern walls of the pit with higher grades scheduled
to be mined in the second half of 2015.
Josef El-Raghy, Chairman of Centamin, commented:
"Full year production is within revised guidance, as notified on
5(th) November 2014, and we look forward to delivering a sixth
successive year of growth in 2015. The ramp-up in productivity from
the process plant continued and achieved the expanded 10Mtpa
nameplate capacity throughout the quarter, in line with our
expectations. There remains scope for further increases in plant
throughput during the coming quarters as the plant is fully
optimised and open pit mining rates increase with the additional
AN. 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."
For more information please contact:
Centamin plc Buchanan
Josef El-Raghy, Chairman Bobby Morse, Gordon
Andy Davidson, Head of Business Poole
Development and Investor Relations + 44 (0) 20 7466
(andy.davidson@centamin.je) +44 5000
(0) 1534 828708
This information is provided by RNS
The company news service from the London Stock Exchange
END
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