Centamin plc: 2015 Production Guidance and Q4 Preliminary Production Results

PERTH, AUSTRALIA--(Marketwired - Jan 8, 2015) - Centamin plc ("Centamin" or "the Company") (LSE: CEY) (TSX: CEE) 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.

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."