TIDMCEY
RNS Number : 0969D
Centamin PLC
05 October 2018
For immediate release 5 October 2018
Centamin plc ("Centamin" or "the Company")
(LSE:CEY, TSX:CEE)
Q3 2018 Preliminary Production Results
Centamin announces preliminary production results for the third
quarter ended 30 September 2018 ("Q3") from its Sukari Gold Mine
("Sukari") in Egypt.
Quarter on quarter Year on year comparative
comparative
----------------------------- ---------------------------
units Q3 2018 Q2 2018 % change Q3 2018 Q3 2017 % change
----------------- --------------- ---------------- ----------- ---------------- ---------
Safety
Sukari LTIFR 200,000 hours 0.14 0 0.14 0
----------------- --------------- ---------------- ----------- ---------------- ---------
Open pit mining
Total material
mined kt 19,891 18,415 8% 19,891 18,602 7%
Ore mined(1) kt 6,562 5,532 19% 6,562 4,825 36%
Ore grade mined g/t Au 0.64 0.51 25% 0.64 0.76 -16%
Ore grade milled g/t Au 0.81 0.59 37% 0.81 1.11 -27%
Strip ratio waste/ore 2.03 2.33 -13% 2.03 2.86 -29%
----------------- --------------- ---------------- ----------- ---------------- ---------
Underground
mining
Ore mined
stoping kt 199 180 11% 199 189 5%
Ore mined
developmentt kt 128 109 17% 128 113 13%
Ore grade mined g/t Au 5.18 4.62 12% 5.18 7.98 -35%
----------------- --------------- ---------------- ----------- ---------------- ---------
Processing
Ore processed kt 3,129 3,172 -1% 3,129 2,996 4%
Head grade g/t Au 1.29 0.99 30% 1.29 1.82 -29%
Gold recovery % 88.7 87.3 2% 88.7 88.3 0%
Gold produced -
dump leach oz 3,894 3,028 29% 3,894 1,692 130%
Total gold
production(2) oz 117,720 92,803 27% 117,720 156,533 -25%
----------------- --------------- ---------------- ----------- ---------------- ---------
(1) Gold produced is gold poured and does not include gold-in-circuit at period end.
OVERVIEW
-- Gold production for Q3 was 117,720 ounces, a 27% improvement
on the second quarter ("QoQ"), resulting from month on month
operational improvements in the open pit and underground;
-- September was a strong month with production of 48,511
ounces. However operational improvements have taken longer than
planned to materialise;
-- In Q4, we expect improvements to be sustained and production
in the region of 145,000 ounces, resulting in a total 2018 annual
production of approximately 480,000 ounces.
Open Pit
-- Mining of the Stage 4 transitional zone was completed in Q3
and mining is now in the higher-grade fresh sulphide material,
which will be the source of ore for at least the next three
years;
-- The open pit is performing slightly ahead of expectations,
achieving another record quarter for ore mined and material moved
(6.6Mt and 19.9Mt, respectively);
-- Open pit ore grade mined has improved month on month, exiting
at 0.74 g/t for September and averaging 0.64g/t in Q3; and
-- Open pit average milled grade was 0.81g/t.
Underground
-- Total underground ore mining of 327kt, a 13% increase QoQ, at
an average mined grade of 5.18 g/t, a 12% increase QoQ due to the
successful ongoing implementation of changes initiated in Q2:
o Ore mined from stoping was 199kt at 6.16 g/t
o Ore mined from development was 128kt at 3.65 g/t
o Stope to development ore split 60:40;
-- Cleopatra decline development progressed 864.4 metres,
delivering 70,897 tonnes of material at an average development
grade of 1.56g/t:
o Produced 3,223 ounces in Q3
o Cleopatra exploration drilling continues to test the contact
zones and at depth
o Assay results will be released as part of the detailed
Results, to be published 1 November 2018.
Processing
-- Total ore processed through the plant was 3.1Mt, at a head
grade of 1.29g/t, a 31% increase QoQ; and
-- Metallurgical plant recoveries for the quarter were 88.7% a 1% increase QoQ.
The Company will publish full Q3 Results on 1 November 2018. The
results will be accompanied by a conference call for institutional
investors and analysts at 09:00 BST (UK) on the same day.
Andrew Pardey, CEO commented:
"These results are a demonstrable operational improvement on Q2.
We are extremely pleased with the operational performance from the
open pit. We are through the transitional ore, grades are improving
in line with the mine plan and will continue to through the fourth
quarter. The underground improvements have been very encouraging
and are continuing. Our focus remains on achieving optimal and
consistent performance."
Conference call
A conference call will be hosted by the Company at 09.00 BST
(UK) today to discuss the results and answer any questions. Where
possible, please dial in 10 minutes before the start time using the
details below:
Participant code: 78774386#
UK Toll: 02034281542
UK Toll Free: 08082370040
A replay will be made available on the Company website from
13.00 BST (UK) today.
For further information, please visit www.centamin.com or
contact:
Centamin plc Buchanan Communications
Andrew Pardey, Chief Executive Officer Bobby Morse
Ross Jerrard, Chief Financial Officer Chris Judd
Alexandra Carse, Investor Relations + 44 (0) 20 7466 5000
+44 (0) 7700 713 738 centamin@buchanan.uk.com
alexandra.carse@centamin.je
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014.
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END
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