The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Marketwire

Centamin PLC-Q4 Preliminary Production Results

Wednesday, January 09, 2013

Centamin PLC-Q4 Preliminary Production Results02:00 EST Wednesday, January 09, 2013PERTH, AUSTRALIA--(Marketwire - January 08, 2013) -TSX:CEEFor immediate release 9 January 2013 Centamin plc ("Centamin" or "the Company") (LSE:CEY, TSX:CEE) Q4 Preliminary Production ResultsCentamin is pleased to announce its preliminary production results fromits Sukari Gold Mine ("Sukari") in Egypt for the quarter ended 31December 2012.Total gold production for the quarter was a record 85,543 ounces, a 45%increase on the corresponding quarter in 2011 and a 40% increase on Q32012. This brings full year production to 262,958, a 30% increase on2011 and above guidance of 250,000 ounces.Ore tonnages mined and processed during the quarter were on budget,despite the previously-announced temporary suspension of operations inDecember, and both open pit and underground grades improved in linewith the mine plan. Formal guidance for the current year will beprovided during Q1.Quarterly throughput at the Sukari process plant was 1,250kt, a 17%increase on the corresponding quarter in 2011, and a 25% increase on Q32012. The nameplate annualised rate was achieved as productivityimproved significantly on the previous quarter.Open pit total material movement of 6,739kt was down 3% and oreproduction of 1,916kt was up 16% on Q3 2012. The average grade open pitore milled increased steadily in line with budget and previousguidance. The underground mine delivered 111kt, up 19% on Q3 2012;returning to budget productivity levels as the technical issuesencountered in the previous quarter were resolved. The run of mine orestockpile balance increased by 142kt to 721kt by the end of thequarter.Despite some on-going delays by customs officials, gold exports havecontinued during January and it is expected that regular gold exportswill continue to take place as and when required. Q4 2012 Q3 2012 Q4 2011 (estimate)Total Material Movement - Open Pit (kt) 6,739 6,970 7,701Open Pit Ore Production (kt) 1,916 1,653 1,988Process Plant Throughput (kt) 1,250 1,004 1,066Process Plant Productivity (tph) 686 624 628Underground Ore Production (kt) 111 93 70Gold Produced (oz) 85,543 60,922 58,965Josef El-Raghy, Chairman of Centamin, commented:"The team at Sukari has delivered a very strong set of operatingresults, with a record output for the quarter bringing full yearproduction ahead of guidance. All areas performed well and the resultsare particularly pleasing given the challenges faced during the year.Sukari has now delivered production growth over three consecutive yearsand we look forward to a further increase in 2013. Whilst 2012presented us with a number of challenges, we exit the year as forecastwith a robust financial and operating base with which to continuedelivering on our growth strategy."For more information please contact:Centamin plc BuchananJosef El-Raghy, Chairman Bobby MorseAndy Davidson, Head of Business Development Cornelia Browneand Investor Relations Gabriella Clinkard( + 44 (0) 20 7466 5000+44 (0) 20 7569 1671 This information is provided by RNS The company news service from the London Stock ExchangeENDFOR FURTHER INFORMATION PLEASE CONTACT: Contact Information: RNSCustomerServices0044-207797-4400rns@londonstockexchange.com