Source - RNS
RNS Number : 1922K
Centamin PLC
09 April 2018
 

For immediate release


9 April 2018




Centamin plc ("Centamin" or "the Company")

(LSE:CEY, TSX:CEE)

 

Q1 2018 Preliminary Production Results

 

Centamin announces preliminary production results for the quarter ended 31 March 2018 from its Sukari Gold Mine ("Sukari") in Egypt.

 

 

Quarter Preliminary Production Results

·    Gold production for the quarter was 124,296 ounces, a 19% reduction quarter on quarter ("QoQ") and a 14% increase year on year ("YoY")

·    The Company maintains full year guidance of 580,000 ounces

·    Total ore processed for the quarter was 3.07Mt, a consistent QoQ performance and a 6% increase YoY

·    Metallurgical plant recoveries for the quarter were 89.6%, a material 1% increase QoQ and 1% increase YoY

·    Open pit total material movement for the quarter was 18.5Mt, a 5% increase QoQ and 8% increase YoY 

·    Quarterly open pit ore mined was 6.05Mt, at an average mined grade of 0.50g/t, a 6% increase in tonnes QoQ and a 144% increase YoY, and a 19% decrease in grade QoQ and a 6% increase YoY

This included 1.45Mt at 0.36g/t delivered to the dump leach pads

The average head grade to the plant from the open pit was 0.69g/t

·    Underground operation delivered 312kt of ore, at an average mined grade of 6.69g/t, a 5% increase in tonnes QoQ and a 24% increase YoY

Underground ore from stoping was 160kt at 7.27g/t

Underground ore from development was 152kt at 6.09g/t

·    Run of mine ore stockpile balance increased by 1.96Mt to 4.14Mt, as at the end of the quarter

 

 

Q1 2018 Preliminary Production Results





units

Q1 2018 (preliminary)

Q4 2017

Q1 2017

Open Pit - material moved

kt

                  18,496

17,647

17,128

Open Pit - ore mined

kt

                    6,047

5,726

2,478

Underground - ore mined

kt

                       312

298

252






Process plant throughput

kt

                    3,068

3,072

2,908

Plant feed grade

g/t

                      1.31

1.70

1.29

Metallurgical recovery rate

%

89.6%

88.5%

88.8%






Gold produced 

oz

                124,296

154,298

109,187

 

 

The Company will publish full results for the quarter ending 31 March 2018 on the 3 May 2018. The results will be accompanied by a conference call for investors and analysts at 09:00 BST on the same day.

 

Andrew Pardey, CEO commented: 

"Operationally Sukari has made a solid start to 2018. Whilst first quarter gold production was 124,296 ounces, a 14% increase compared to the corresponding quarter in 2017, production was lower than planned due to the transitional zone of the open pit delivering lower than expected grades. Additional grade control drilling and rescheduling has resulted in accelerated access to the higher grade open pit Stage 4 primary ore throughout the second quarter.  We maintain our full year production guidance of 580,000 ounces.

 

The processing plant has delivered a strong first quarter with throughput greater than 3Mt. Metallurgical recoveries have significantly improved to 89.6% following the continued focus on process controls and successful enhancements to the elution circuit.

 

The fourth secondary crusher has been installed and commissioning is underway, further lifting throughput capacity in line with increased underground tonnage. Building on the strong plant performance this quarter we look forward with confidence to delivering on our production guidance throughout 2018."

 

 

For further information, please visit www.centamin.com or contact:

 

Centamin plc

Andrew Pardey, CEO

Alexandra Carse, Investor Relations

+44 (0) 7700 713 738

[email protected]

 

Buchanan

Bobby Morse

Chris Judd

+ 44 (0) 20 7466 5000

[email protected]

 

 

 


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