Centamin PLC Q1 2017 Preliminary Production Results (9947B)
April 10 2017 - 2:00AM
UK Regulatory
TIDMCEY
RNS Number : 9947B
Centamin PLC
10 April 2017
For immediate 10th April 2017
release
Centamin plc ("Centamin" or "the Company")
(LSE:CEY, TSX:CEE)
Q1 2017 Preliminary Production Results
Centamin is pleased to announce preliminary production results
for the quarter ended 31 March 2017 from its Sukari Gold Mine
("Sukari") in Egypt.
Preliminary total gold production for the quarter was 109,187
ounces, a 20% decrease on the previous quarter and 13% lower than
Q1 2016. The reduction in quarterly production is in line with
Centamin's forecast and the Company maintains its 2017 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.
Quarterly throughput at the process plant was 2,908kt, a 1%
decrease on the previous quarter and in line with our 2017 annual
forecast of 11.75 million tonnes (Mt) milled.
Open pit total material movement (ore plus waste) increased 8%
on the previous quarter to 17,128kt. Open pit ore production
increased by 14% to 2,478kt at an average mined grade of 0.47g/t.
The average head grade to the plant from the open pit was 0.58g/t.
This was below both the reserve grade and our forecast average
grade for the full year 2017, as the open pit continued to develop
a low-grade cutback in the east wall of the pit in line with the
mine plan.
The run of mine ore stockpile balance decreased by 191kt to
386kt at the end of the period.
The underground operation delivered 252kt of ore at an average
mined grade of 7.44g/t. On an annualised basis, the productivity
rate was in line with our 2017 forecast of 1 million tonnes at
7.26g/t. Ore from stoping was 153kt at 6.9g/t and ore from
development was 99kt at 8.3g/t.
Q1 2017 (preliminary) Q4 2016 Q1 2016
---------------------------- ---------------------- -------- --------
Open Pit - Total Material
Movement (kt) 17,128 15,810 15,157
---------------------------- ---------------------- -------- --------
Open Pit - Ore Production
(kt) 2,478 2,183 2,405
---------------------------- ---------------------- -------- --------
Underground Ore Production
(kt) 252 228 281
---------------------------- ---------------------- -------- --------
Process Plant Throughput
(kt) 2,908 2,948 2,876
---------------------------- ---------------------- -------- --------
Process Plant Productivity
(tph) 1,420 1,415 1,421
---------------------------- ---------------------- -------- --------
Gold Produced (oz) 109,187 136,787 125,268
---------------------------- ---------------------- -------- --------
Andrew Pardey, CEO of Centamin, commented:
"As previously outlined in the 2016 full year results,
production rates were forecast to decrease in the first quarter due
to a planned reduction in average grade from the open pit. During
the second quarter, we expect to see ore grades increase towards
the reserve average as the cutback in the east wall of the pit is
further progressed. With the processing and underground mining
operations also continuing to deliver 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
Josef El-Raghy, Chairman Bobby Morse
Andrew Pardey, CEO Chris Judd
Andy Davidson, Head of Investor Patrick Hanrahan
Relations + 44 (0) 20 7466
(andy.davidson@centamin.je) +44 5000
(0) 1534 828708
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
END
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