Q4 Preliminary Production Results

RNS Number : 1194V

Centamin PLC

09 January 2013

 



For immediate release

9 January 2013

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

(LSE:CEY, TSX:CEE)

Q4 Preliminary Production Results

Centamin is pleased to announce its preliminary production results from its Sukari Gold Mine ("Sukari") in Egypt for the quarter ended 31 December 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 Q3 2012. This brings full year production to 262,958, a 30% increase on 2011 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 in December, and both open pit and underground grades improved in line with the mine plan. Formal guidance for the current year will be provided 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 Q3 2012. The nameplate annualised rate was achieved as productivity improved significantly on the previous quarter.

Open pit total material movement of 6,739kt was down 3% and ore production of 1,916kt was up 16% on Q3 2012. The average grade open pit ore milled increased steadily in line with budget and previous guidance. The underground mine delivered 111kt, up 19% on Q3 2012; returning to budget productivity levels as the technical issues encountered in the previous quarter were resolved. The run of mine ore stockpile balance increased by 142kt to 721kt by the end of the quarter.

Despite some on-going delays by customs officials, gold exports have continued during January and it is expected that regular gold exports will continue to take place as and when required.

	Q4 2012 (estimate)	Q3 2012	Q4 2011
Total Material Movement - Open Pit (kt)	6,739	6,970	7,701
Open Pit Ore Production (kt)	1,916	1,653	1,988
Process Plant Throughput (kt)	1,250	1,004	1,066
Process Plant Productivity (tph)	686	624	628
Underground Ore Production (kt)	111	93	70
Gold Produced (oz)	85,543	60,922	58,965

Josef El-Raghy, Chairman of Centamin, commented:

"The team at Sukari has delivered a very strong set of operating results, with a record output for the quarter bringing full year production ahead of guidance. All areas performed well and the results are particularly pleasing given the challenges faced during the year.  Sukari has now delivered production growth over three consecutive years and we look forward to a further increase in 2013.  Whilst 2012 presented us with a number of challenges, we exit the year as forecast with a robust financial and operating base with which to continue delivering on our growth strategy."

For more information please contact:

Centamin plc Josef El-Raghy, Chairman Andy Davidson, Head of Business Development and Investor Relations ([e-mail]) [phone]

Buchanan Bobby Morse Cornelia Browne Gabriella Clinkard + 44 (0) 20 7466 5000

 

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