Centamin PLC Announces Results for the Quarter Ended 31 March 2014
PERTH, AUSTRALIA--(Marketwired - May 15, 2014) - Centamin PLC
(LSE: CEY) (TSX: CEE)
Centamin plc Results for the Quarter Ended 31 March 2014
Centamin plc ("Centamin" or "the Company") (LSE: CEY; TSX: CEE)
is pleased to announce its results for the three months ended 31
March 2014.
These are not the full results - to access the full document
please CLICK HERE
http://www.rns-pdf.londonstockexchange.com/rns/1631H_1-2014-5-15.pdf
HIGHLIGHTS (1) (2) (3) (4)
Production
* Gold production 74,241 ounces, 19% lower quarter-on-quarter
and 15% lower on the prior year period.
* Production guidance for 2014 remains unchanged at 420,000
ounces at a cash cost of production of US$700 per ounce.
* Cash cost of production of US$744 per ounce.
* Commissioning of the Stage 4 plant expansion to 10 million
tonnes per annum (Mtpa) continues with first ore fed through the
new circuit.
Financials
* Basic earnings per share 1.87 cents, down 33% on Q4 2013 and
down 72% on the prior year period and EBITDA US$34.3 million; 25%
on Q4 2013 and 58% on the prior year period.
* Centamin remains debt-free and un-hedged with cash, bullion on
hand, gold sales receivables and available-for-sale financial
assets of US$137.8 million as at 31 March 2014.
Exploration
* Exploration drilling commenced in Burkina Faso and Cote
D'Ivoire following the takeover of ASX-listed Ampella Mining
Ltd.
* Exploration results at Sukari and in Ethiopia continue to
justify further drilling.
Legal developments in Egypt
* The Supreme Administrative Court appeal and Diesel Fuel Court
Case are both ongoing. Operations continue as normal and any
enforcement of the Administrative Court decision has been suspended
pending the appeal ruling.
* New investment law (32 of 2014) came into force in April 2014
restricting the capacity for third parties to challenge any
contractual agreement between the Egyptian government and an
investor. Centamin understands, based on legal advice, that it is
likely to benefit from this new law.
|
|
|
Q1 2014 |
|
Q4 2013(1) |
|
Q1 2013(1) |
| Total
Gold Production (oz) |
|
74,241 |
|
91,546 |
|
87,016 |
| Cash
Costs of Production(2) (US$/oz) |
|
744(3) |
|
711(3) |
|
556(4) |
|
Average Sales Price (US$/oz) |
|
1,298 |
|
1,249 |
|
1,604 |
|
Revenue (US$million) |
|
102.7 |
|
111.2 |
|
138.2 |
|
EBITDA(2) (US$million) |
|
34.3(3) |
|
45.7(3) |
|
81.7 |
| Basic
EPS (cents) |
|
1.87(3) |
|
2.813) |
|
6.60 |
(1) Results and highlights for the first quarter ended 31 March
2013 and fourth quarter ended 31 December 2013 (included within the
2013 Annual Report) are available at www.centamin.com
(2) Cash cost of Production, EBITDA and cash, bullion on hand,
gold sales receivables and available-for-sale financial assets are
non-GAAP measures defined on pages 21 - 23
(3) Basic EPS, EBITDA, Cash Costs of Production now includes an
exceptional provision against prepayments recorded in Q4 2012, Q1
2013, Q2 2013, Q3 2013, Q4 2013 and Q1 2014 to reflect the removal
of fuel subsidies which occurred in January 2012 (see Note 4 of the
Interim Condensed Consolidated Financial Statements for further
details)
(4) At full international fuel price (excluding fuel subsidy),
for comparative purposes to reflect the fuel price differential had
the prepayments been expensed during the period
Josef El-Raghy, Chairman of Centamin, said: "Consistently high
levels of productivity have again been achieved with the process
plant at Sukari, with minimal impact from the Stage 4 commissioning
activities. Although underground performance has impacted Q1 we are
pleased to confirm commissioning of Stage 4 is proceeding as
planned, with Sukari achieving a major milestone towards the end of
Q1 as first ore was fed through the new circuit. We expect plant
throughput, and hence quarterly production rates, to increase
through the rest of the year as commissioning continues. Our
forecast 2014 production and the continued ramp up towards Sukari's
long-term target of 450,000-500,000 ounces per annum remain on
track."
Centamin will host a conference call on Thursday, 15 May at
8.30am (London, UK time) to update investors and analysts on its
results. Participants may join the call by dialling one of the
following three numbers, approximately 10 minutes before the start
of the call.
From UK: (toll free) 0800 694 5707 From Canada: (toll free)
+1866 607 2172 From rest of world: +44 1452 541 003 Participant
pass code: 44582137
A recording of the call will be available four hours after the
completion of the call on:
Std International: +44 (0)1452 550 000 Participant pass code:
44582137
| For more information please contact: |
| |
|
Centamin plc |
|
|
| Josef
El-Raghy, Chairman |
|
|
| Andy
Davidson, Head of Business |
|
|
|
Development and Investor Relations |
|
+44 1534 828 708 |
|
|
|
|
|
Buchanan |
|
|
| Bobby
Morse |
|
+44 20 7466 5000 |
|
Gordon Poole |
|
|
|
Gabriella Clinkard |
|
|
About Centamin plc
Centamin is a mineral exploration, development and mining
company dual listed on the London and Toronto Stock Exchanges.
Centamin's principal asset, the Sukari Gold Mine, began
production in 2009 and is the first large scale modern gold mine in
Egypt, with an estimated 20 year mine life and ramping up
production towards a 450,000-500,000 ounce per annum target from
2015 onwards. Our development and operating experience gives us a
significant advantage in acquiring and developing other gold
projects.
In 2013 Centamin agreed a recommended all-share takeover offer
for ASX-listed Ampella Mining Ltd and also formed a joint venture
with AIM-listed Alecto Minerals plc, adding highly prospective
licence packages in Burkina Faso and Ethiopia respectively.
Centamin completed its acquisition of Ampella in early 2014.
This information is provided by RNS
The company news service from the London Stock Exchange
Contact: RNS Customer Services 0044-207797-4400
rns@londonstockexchange.com http://www.rns.com
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