SOURCE: Centamin plc

October 09, 2014 02:00 ET

Centamin Q3 Preliminary Production Results

PERTH, AUSTRALIA--(Marketwired - Oct 9, 2014) - Centamin plc ("Centamin" or "the Company") (LSE: CEY) (TSX: CEE)

Q3 Preliminary Production Results

Centamin is pleased to announce preliminary production results from its Sukari Gold Mine ("Sukari") in Egypt for the quarter ended 30 September 2014. Total gold production for the quarter was 93,624 ounces, a 15% increase on Q2 2014 and 10% higher than the corresponding quarter in 2013. The expanded plant achieved nameplate capacity of 10Mtpa during the quarter, with the potential for throughput rates to increase further during subsequent quarters as the new plant is fully optimised. Underground and open pit average grades increased over the third quarter and are expected to improve further during the fourth quarter, driving increased gold production levels. Centamin therefore maintains its full year forecast of 420,000 ounces gold.

Open pit total material movement increased 16% on the previous quarter, to 11,406kt with the current daily ammonium nitrate ("AN") issue of 25 tonnes per day. Open pit ore production increased by 50% on Q2 2014 to 2,693kt. The run of mine ore stockpile balance increased by 14kt to 1,152kt at the end of the period. Discussions continue with government departments in relation to increasing the daily usage of AN in order to increase open pit mining rates to the required level to feed the expanded plant. Centamin believes approval is in its final stages.

Record quarterly throughput at the process plant was 2,388kt, a 22% increase on Q2 2014, reflecting the ramp-up of ore treatment through the new Stage 4 plant circuit. Commissioning activities proceeded well and the expanded 10 million tonne per annum nameplate capacity was consistently achieved during the period.

The underground operation delivered a record 248kt of ore, up 8% on Q2 2014 and in line with planned mining rates. Grades from development ore improved over the previous quarter, and production increased from higher grade stoping blocks.

       
       
  Q3 2014 (estimate) Q2 2014 Q3 2013
Total Material Movement - Open Pit (kt) 11,406 9,861 10,506
Open Pit Ore Production (kt) 2,693 1,795 3,409
Underground Ore Production (kt) 248 230 152
Process Plant Throughput (kt) 2,388 1,957 1,463
Process Plant Productivity (tph) 1,252 1,230 715
Gold Produced (oz) 93,624 81,281 84,757
       
       

Josef El-Raghy, Chairman of Centamin, commented:

"The ramp-up in productivity from the process plant continued during the quarter, and achieved the expanded 10Mtpa nameplate capacity in September with a record 882,443 tonnes milled, in line with our expectation. Underground mining rates remain strong and ore grades have returned to expected levels. With scope for further increases in plant throughput during the coming quarters, and with average grades set to further increase in Q4, we maintain our full year production guidance and continue to look forward to delivering Sukari's long-term target of 450,000-500,000 ounces per annum from 2015 onwards."

Contact Information

  • For more information please contact:

    Centamin plc
    Josef El-Raghy
    Chairman
    Andy Davidson
    Head of Business Development and Investor Relations
    andy.davidson@centamin.je
    +44 (0) 1534 828708

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