SOURCE: Centamin plc

July 07, 2016 02:00 ET

Centamin PLC Q2 2016 Preliminary Production Results

PERTH, AUSTRALIA--(Marketwired - Jul 7, 2016) - Centamin PLC (LSE: CEY) (TSX: CEE)

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

Q2 2016 Preliminary Production Results

Centamin is pleased to announce preliminary production results for the quarter ended 30 June 2016 from its Sukari Gold Mine ("Sukari") in Egypt.

Preliminary total gold production for the quarter was 140,306 ounces, a 12% increase on the previous quarter and a 30% increase on Q2 2015. 

Quarterly throughput at the process plant was 2,929kt, a 2% increase on the previous quarter. Annualised throughput exceeds our base case target rate of 11 million tonnes per annum (Mtpa).

Open pit total material movement (ore + waste) decreased 1% on the previous quarter to 15,080kt. Open pit ore production increased by 42% to 3,425kt at an average mined grade of 0.90g/t of gold. The average head grade to the plant from the open pit was 0.99g/t. The run of mine ore stockpile balance increased by 521kt to 1,012kt at the end of the period. 

The underground operation delivered 256kt of ore, a 9% reduction on the previous quarter, at an average mined grade of 9.3g/t. Productivity remained above our forecast rate of 1 million tonnes per annum at 6g/t. Ore from stoping was 143kt at 8.5g/t, comparable with the previous quarter (145kt at 9.2g/t). Ore from development was 113kt at 10.3g/t.

             
    Q2 2016 (preliminary)   Q1 2016   Q2 2015
Open Pit - Total Material Movement (kt)   15,080   15,157   13,671
Open Pit - Ore Production (kt)   3,425   2,405   1,751
Underground Ore Production (kt)   256   281   282
Process Plant Throughput (kt)   2,929   2,876   2,667
Process Plant Productivity (tph)   1,432   1,421   1,361
Gold Produced (oz)   140,306   125,268   107,781
             

Andrew Pardey, CEO of Centamin, commented:

"The Sukari operation has continued to build on the strong start to the year, with total first half production of 265,574 ounces of gold. The continued optimisation of the processing operation saw plant throughput increase further during the second quarter, remaining above our base case forecast rate of 11Mt per annum. The open pit delivered an increase ore material movement and the underground mine continued to deliver both tonnes and grade in excess of our base case forecast. Full year 2016 production and cost guidance will be updated with the Q2 financial report."

Contact Information

  • 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
    Chris Judd
    Patrick Hanrahan
    + 44 (0) 20 7466 5000