SOURCE: Centamin plc

April 08, 2015 02:00 ET

Centamin PLC Announces Q1 2015 Preliminary Production Results

PERTH, AUSTRALIA--(Marketwired - Apr 8, 2015) - Centamin plc (LSE: CEY) (TSX: CEE)

LSE: CEY; TSX: CEE

For immediate release   8th April 2015
     

Centamin plc ("Centamin" or "the Company")
(LSE: CEY; TSX: CEE)

Q1 2015 Preliminary Production Results

Centamin is pleased to announce preliminary production results for the quarter ended 31 March 2015 from its Sukari Gold Mine ("Sukari") in Egypt.

Total gold production for the quarter was 108,233 ounces, a 46% increase on Q1 2014 and 16% lower than Q4 2014. Full year 2015 guidance remains at 420,000 ounces.

Quarterly throughput at the process plant was 2,478kt, a 5% decrease on Q4 2014, as the new SAG mill reline was brought forward this quarter and fitted with improved design lifters and grates.

Open pit total material movement increased 16% on the previous quarter, to 15,996kt. Open pit ore production decreased on Q4 2014 by 38% to 2,562kt and lower average grades mined in the first quarter as expected. The run of mine ore stockpile balance increased by 33kt to 2,204kt at the end of the period.

The underground operation delivered 264kt of ore, a 7% decrease on Q4 2014 with average grades remaining consistent and in line with the underground mining plan.

  Q1 2015 (estimate) Q4 2014 Q1 2014
Total Material Movement - Open Pit (kt) 15,996 13,804 9,749
Open Pit Ore Production (kt) 2,562 4,123 2,325
Underground Ore Production (kt) 264 284 206
Process Plant Throughput (kt) 2,478 2,597 1,486
Process Plant Productivity (tph) 1,286 1,330 745
Gold Produced (oz) 108,233 128,115 74,241

Andrew Pardey, CEO of Centamin, commented:

"As foreshadowed in previous announcements, a reduction in quarterly production rates was expected during the first half of 2015 as mining progresses through the upper portions of the next stage of open pit development. Plant productivity for the quarter remained at around the 10Mtpa nameplate capacity rate and there remains scope for further increases in throughput during the coming quarters as optimisation continues. The operation is well placed to meet our full year forecast of 420,000 ounces as open pit grades are scheduled to progressively increase to the reserve average in the second half of the year, when production is expected to return to annualised rates exceeding 450,000 ounces."

For more information please contact:


Centamin plc
Josef El-Raghy, Chairman
Andrew Pardey, CEO
Andy Davidson, Head of Investor Relations
(andy.davidson@centamin.je) +44 (0) 1534 828708

Buchanan
Bobby Morse, Gordon Poole
+ 44 (0) 20 7466 5000

This information is provided by RNS
The company news service from the London Stock Exchange

Contact Information

  • Centamin plc
    Josef El-Raghy
    Chairman

    Andrew Pardey
    CEO

    Andy Davidson
    Head of Investor Relations
    (andy.davidson@centamin.je)
    +44 (0) 1534 828708

    Buchanan
    Bobby Morse, Gordon Poole
    + 44 (0) 20 7466 5000