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Press release from Marketwire

Centamin PLC: Results for the Quarter Ended 30 September 2013

Wednesday, November 06, 2013

Centamin PLC: Results for the Quarter Ended 30 September 2013

02:00 EST Wednesday, November 06, 2013

PERTH, AUSTRALIA--(Marketwired - November 05, 2013) - Centamin PLC (LSE: CEY) (TSX: CEE)

LSE:CEYTSX:CEEFor immediate release 6 November 2013Centamin plc Results for the Third Quarter and Nine Months Ended 30 September 2013Centamin plc ("Centamin" or "the Company") (LSE: CEY, TSX: CEE) ispleased to announce its results for the third quarter ended 30September 2013.For the full announcement please click on the link below: IN Q3 2013 (1) (2) (3) (4) (5)- Gold production 84,757 ounces, down 9% quarter-on-quarter andup 39% on the prior year period.- Basic earnings per share 2.72 cents; down 43% on Q2 2013 anddown 51% on the prior year period.- EBITDA US$43.1 million; down 32% on Q2 2013 and down 36% on theprior year period.- US$11.9 million write down in relation to the investment inNyota Minerals Ltd.- Cash cost of production of US$693 per ounce, in line with 2013full year guidance of US$700 per ounce.- Stage 4 plant expansion (to 10Mtpa) remains on track for thebulk of commissioning to commence, and be completed, in the fourthquarter of 2013. Expenditure to date is US$318.3 million of the totalunchanged forecast of US$325 million, including contingency, with theremaining balance to continue to be funded from cost recoveries.- Operations are well placed to exceed full year 2013 guidance,provided on 14 March 2013, of 320,000 ounces at a cash cost ofproduction of US$700 per ounce inclusive of fuel prepayments.- Centamin remains debt-free and un-hedged with cash, bullion onhand, gold sales receivables and available-for-sale financial assets ofUS$156.4 million as at 30 September 2013.- An updated resource and reserve statement is planned during thefourth quarter of 2013.- Exploration results at Sukari and in Ethiopia continue tojustify further drilling.- Entry into a joint venture with Alecto Minerals plc in relationto Alecto's exploration licences in Ethiopia.- The Supreme Administrative Court appeal and Diesel Fuel CourtCase are both ongoing. Operations continue as normal and anyenforcement of the Administrative Court decision has been suspendedpending the appeal ruling. Q3 2013 Q2 2013(1) Q3 2012 Q2 2012Total Gold Production (oz) 84,757 93,624 60,922 67,422Cash Costs of Production(2) (US$/oz) 693(3) 690(3) 724(4) 729(4)Average Sales Price (US$/oz) 1,329 1,364 1,679 1,599Revenue (US$ million) 120.1 134.3 103.1 96.8EBITDA(2) (US$ million) 43.1(3) 63.7(3) 67.0 55.4Basic EPS (cents) 2.72(3) 4.75(3) 5.53 3.87(1) Results and highlights for the first quarter ended 31 March2013 and second quarter ended 30 June 2013 are available Cash cost of Production, EBITDA and cash, bullion on hand,gold sales receivables and available-for-sale financial assets arenon-GAAP measures defined on page 22(3) Basic EPS, EBITDA, Cash Costs of Production includes anexceptional provision against prepayments recorded in Q4 2012,Q1 2013,Q2 2013, and Q3 2013 to reflect the removal of fuel subsidies whichfrom January 2012 (see Note 4 of the Interim Condensed ConsolidatedFinancial Statements for further details)(4) At full international fuel price (excluding fuel subsidy),for comparative purposes to reflect the fuel price differential had theprepayments been expensed during the periodJosef El-Raghy, Chairman of Centamin, said: "The third quarter sawanother strong performance on several fronts most notably a furtherincrease in both tonnes mined from underground and total process plantthroughput. Whilst we expect some impact in Q4 on plant throughput fromthe commencement of Stage 4 commissioning activities, we are now wellplaced to exceed our initial full year 2013 guidance of 320,000 ounces,provided on 14 March 2013."Centamin will host a conference call on Wednesday, 6 November at 9.00am(London, UK time) to update investors and analysts on its results.Participants may join the call by dialling one of the following threenumbers, approximately 10 minutes before the start of the call.From UK: (toll free) 08006940257From Canada: (toll free) + 18669660399From rest of world: +44 (0) 1452 555566Conference ID: 95157185A second call (Q&A only) will be held for North American analysts andinvestors at 2.00pm (London, UK time) / 9.00am EST. Participants mayjoin the call by dialling one of the following three numbers,approximately 10 minutes before the start of the call.From Canada: (toll free) +18669660399From US: (toll free) +18669669439From rest of world: +44 (0) 1452 555566Conference ID: 95164290For more information please contact:Centamin plcJosef El-Raghy, ChairmanAndy Davidson, Head of Business Development +44 1534 828 708and Investor RelationsBuchananBobby Morse +44 20 7466 5000Cornelia BrowneGabriella ClinkardAbout Centamin plcCentamin is a mining company that has been actively exploring in Egyptsince 1995. The Company's principal asset is its interest in the largescale, low cost Sukari Gold Mine, located in the Eastern Desert ofEgypt. Sukari produced 150,000 ounces of gold in its maiden year ofproduction in 2010, consistently expanding thereafter to reach over260,000 ounces in 2012. The 'Stage 4' plant expansion programmecommenced in 2011 to target 450-500,000 ounces per annum productionfrom 2015 onward.The Sukari Gold Mine is the first large-scale modern gold mine inEgypt. Centamin's operating experience in Egypt gives it a significantfirst-mover advantage in acquiring and developing other gold projectsin the prospective Arabian-Nubian Shield.In 2011 the Group acquired, through Sheba Exploration Holdings Limited("Sheba"), four mineral licences in Ethiopia where it is conductingfurther exploration activities. In addition, Centamin currently has a14.4% shareholding in Nyota Minerals Ltd ("Nyota"), which owns the TuluKapi advanced exploration project in Ethiopia.In September 2013, the Group entered into a joint venture with AlectoMinerals plc ("Alecto") to pursue existing and new opportunitiesidentified by Alecto in Ethiopia. The initial joint venture projectsrelate to two exploration licenses, Wayu Boda and Aysid Meketel. This information is provided by RNS The company news service from the London Stock ExchangeEND


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