SOURCE: Centamin plc

January 07, 2016 02:00 ET

Centamin PLC - Q4 2015 Preliminary Production Results and 2016 Production Guidance

PERTH, AUSTRALIA--(Marketwired - Jan 7, 2016) - Centamin (LSE: CEY) (TSX: CEE) announces preliminary production results for the quarter ended 31 December 2015 from its Sukari Gold Mine ("Sukari") in Egypt.

Preliminary total gold production for the quarter was 117,644 ounces, a 12% increase on the previous quarter and an 8% decrease on Q4 2014. This brings full year production to 439,072 ounces, a 16% increase on 2014 and within guidance of between 430,000 and 440,000 ounces for 2015. 

Open pit total material movement decreased 4% on the previous quarter to 13,754kt with open pit ore production increasing by 1% to 2,229kt. The run of mine ore stockpile balance decreased by 328kt to 704kt at the end of the period. 

During the quarter an unfortunate incident occurred within the open pit operation, when a contractor's employee was involved in a rock collapse whilst relocating a grade control drill rig. The operator, and sole occupant of the drill rig, was fatally injured in the incident. 

A full review of the relevant operating procedures has been completed, subsequent to which open pit mining rates have increased towards target levels.

The underground operation delivered 300kt of ore, a 4% decrease on Q3 2015.

Quarterly throughput at the process plant was 2,758kt, a 3% increase on the previous quarter and in line with our target rate of 11 million tonnes per annum (Mtpa).

       
    Q4 2015 (preliminary) Q3 2015 Q4 2014
Open Pit - Total Material Movement (kt) 13,754 14,344 13,804
Open Pit - Ore Production (kt) 2,229 2,204 4,123
Underground Ore Production (kt) 300 312 284
Process Plant Throughput (kt) 2,758 2,673 2,597
Process Plant Productivity (tph) 1,345 1,342 1,330
Gold Produced (oz) 117,644 105,413 128,115
       

Forecast production for 2016 from the Sukari Gold Mine is 470,000 ounces at a cash operating cost of US$680 per ounce and all-in-sustaining cost (AISC) of US$900 per ounce. This would represent a 7% increase on 2015 production and a reduction over 2015 cost guidance of US$700 per ounce cash operating cost and US$950 per ounce AISC.

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