TIDMCEY
RNS Number : 3659E
Centamin PLC
30 May 2012
For immediate release 30 May 2012
Centamin plc ("Centamin" or "the Company")
(LSE:CEY, TSX:CEE)
OPTIMISED OPEN PIT MINE PLAN
Centamin is pleased to announce an updated five year mine plan
for the Sukari Gold Mine ("Sukari").
Highlights of optimisedopen pit mine plan:
-- Increased headgrade of open pit ore sent to the mill to 1.1-1.52g/t for the coming 5 years
-- Increased mining rates of ore in the open pit in years 2014 and 2015
-- Reduced strip ratio in 2014 to 6.72:1 (previously 14.5:1)
-- Open pit mine life of 30 years at average grade of 1.09g/t
-- Ability to provide open pit feed to faster ramp up to 10Mtpa
processing capacity following completion of Stage 4 expansion
With the re-scheduled ore movements from the open pit, the table
below represents a more up to date 5 year production profile
estimate for Sukari. Formal guidance will continue to be issued
annually.
Project Year Units 2013 2014 2015 2016 2017
Open Pit
------- ----------- ----------- ----------- ----------- -----------
Ore t 11,267,856 9,536,851 10,335,439 12,822,266 12,832,496
------- ----------- ----------- ----------- ----------- -----------
Waste t 33,018,969 64,051,661 64,172,929 60,053,219 61,668,781
------- ----------- ----------- ----------- ----------- -----------
Total t 44,286,825 73,588,512 74,508,368 72,875,486 74,501,277
------- ----------- ----------- ----------- ----------- -----------
Strip Ratio w:o 2.93 6.72 6.21 4.68 4.81
------- ----------- ----------- ----------- ----------- -----------
Head grade mined
ore (>0.4g/t) g/t 0.96 1.12 1.09 1.10 0.93
------- ----------- ----------- ----------- ----------- -----------
Insitu Ounces oz 348,550 343,411 362,198 453,296 383,155
------- ----------- ----------- ----------- ----------- -----------
Underground Mine
Production
------- ----------- ----------- ----------- ----------- -----------
Development ore t 235,121
------- ----------- ----------- ----------- ----------- -----------
Production ore t 264,959 500,080 500,080 500,080 500,080
------- ----------- ----------- ----------- ----------- -----------
Total t 500,080 500,080 500,080 500,080 500,080
------- ----------- ----------- ----------- ----------- -----------
Waste tonnes t 107,814
------- ----------- ----------- ----------- ----------- -----------
Head grade of
ore Mined g/t 9.17 8.74 8.74 8.74 8.74
------- ----------- ----------- ----------- ----------- -----------
Insitu Ounces oz 147,508 140,521 140,521 140,521 140,521
------- ----------- ----------- ----------- ----------- -----------
Overall Mined
Ounces oz 496,058 483,932 502,719 593,817 523,676
------- ----------- ----------- ----------- ----------- -----------
Mill Production
------- ----------- ----------- ----------- ----------- -----------
Underground t 500,080 500,080 500,080 500,080 500,080
------- ----------- ----------- ----------- ----------- -----------
Open Pit t 5,601,188 9,340,270 9,458,470 9,499,920 9,499,920
------- ----------- ----------- ----------- ----------- -----------
Total t 6,101,268 9,840,350 9,958,550 10,000,000 10,000,000
------- ----------- ----------- ----------- ----------- -----------
Mill Processing
Grades
------- ----------- ----------- ----------- ----------- -----------
Open Pit g/t 1.52 1.12 1.15 1.34 1.18
------- ----------- ----------- ----------- ----------- -----------
Underground g/t 9.1 8.74 8.74 8.74 8.74
------- ----------- ----------- ----------- ----------- -----------
Dump Leach Production
------- ----------- ----------- ----------- ----------- -----------
Leach quantity t 1,368,556 782,130 850,944 808,277 951,501
------- ----------- ----------- ----------- ----------- -----------
Grade g/t 0.63 0.61 0.64 0.63 0.64
------- ----------- ----------- ----------- ----------- -----------
Gold Production
------- ----------- ----------- ----------- ----------- -----------
Open Pit oz 273,725 336,332 349,711 409,276 360,407
------- ----------- ----------- ----------- ----------- -----------
Underground oz 146,309 140,521 140,521 140,521 140,521
------- ----------- ----------- ----------- ----------- -----------
Dump Leach oz 10,998 11,735 11,735 12,767 12,700
------- ----------- ----------- ----------- ----------- -----------
Recovery % 84.8% 88.0% 88.4% 89.0% 89.0%
------- ----------- ----------- ----------- ----------- -----------
Total Gold Production oz 367,187 431,366 445,101 502,086 458,526
------- ----------- ----------- ----------- ----------- -----------
The open pit mine plan, which was previously released as part of
the Form 43-101F1 Technical Report dated 14 March 2012, has been
optimised to better reflect the expected increase in mining rates
as additional mining equipment is delivered and commissioned along
with the completion and commissioning of the Stage 4 expansion to
double Sukari's processing capacity to 10 million tonnes per annum
("Mtpa").The re-scheduling of waste and ore movements has had a
positive effect on the ability to deliver more consistent grades
from the open pit to the processing plant. The significant
improvement in stripping ratio over the 2014/15 period is a result
of better management of the removal of the hills east of the Sukari
hill.
All mining equipment has been ordered and delivery schedules
locked in.The first RH170 face shovel is expected to be delivered
to site in July 2012 and will become operational during Q3 2012.
The remaining three RH170 face shovels are due to arrive in 2013
with additional trucking capacity being added concurrently, which
will see total mining rates ramp up to over 70Mtpa. Capex for
additional mining equipment (post Stage 4 capex) to meet these
material movements is estimated at US$65m, of which US$45m is
expected to be incurred in 2013, US$17m expected in 2014 and US$3m
expected in 2015.
The commissioning and subsequent ramp upof Stage 4 of the
processing plant has been amended to better reflect a plant that
should be running at close to design capacity by the close of 2013.
The gradual metallurgical recovery improvements over the coming
years are primarily related to further automation of the reagent
addition and the installation of a custom designed carbon
regeneration kiln as part of Stage 4. This will aim to increase
recovery rates to the targeted level of 88-89%. The existing kiln
is delivering sub optimal performance that is adversely affecting
current recoveries and is not designed for the anticipated
increased production levels.
Underground production assumptions have not changed from
previous forecasts. Currently there are three diamond drill rigs
working underground with a further four rigs due to commence
drilling in H2 2012. PtahDecline development continues to advance
on schedule and is expected to intersect the Julius zone, under the
Ra/Gazelle zone, in late Q3 2012. Further underground reserve
estimation and guidance will be published with the annual
reserveupdate in Q1 2013.
It should be noted that mining schedules are dynamic and will be
updated as the mine develops. Formal guidance for 2013 production
will be issued in Q1 2013 as further refinements are completed. A
similar protocol will be followed year on year.
Conference Call Details
Centamin will host a conference call on Wednesday, 30 May at 2pm
(London, UK time) to answer analysts' and investors' questions on
the optimised mine plan. 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) 08003681895
From Canada: (toll free) 1866 561 8617
From rest of world: +44 203 140 0693
Participant pass code: 879813#
For more information please contact:
Centamin plc
Josef El-Raghy, Chairman
Katharine Sutton, Head of Investor
Relations
(katharine.sutton@centamin.co.uk) +44 (0) 20 7569 1670
Buchanan
Bobby Morse
Gabriella Clinkard +44 (0) 20 7466 5000
------------------------------------- ---------------------
Additional Information
The authors of the optimised mine plan detailed above and the
43-101F1 Technical Report released on 14 March 2012 are Andrew
Pardey, Chief Operating Officer; Richard Osman, Open Pit Manager;
and Chris Boreham, Underground Manager. The authors are all
full-time employees of Pharaoh Gold Mines (Centamin's wholly owned
subsidiary in Egypt) and they all have the relevant qualifications
and experience to be considered a Competent Person as defined in
the Australasian JORC Code and a Qualified Person as defined in
Canadian NI 43-101.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This news release contains "forward-looking information", which
may include, but is not limited to, statements with respect to the
future financial or operating performance of Centamin plc
('Centamin' or 'the Company'), its subsidiaries (together 'the
Group'), affiliated companies, its projects, the future price of
gold, mineral reserves and resource estimates and realization,
future production estimates, revenues, margins, production costs,
estimates of capita, operating and exploration expenditures, costs
and timing of the development of new deposits, costs and timing of
future exploration, foreign exchange risks, governmental regulation
of and approvals for mining operations and exploration operations,
environmental risks, title disputes or claims, limitations of
insurance coverage and regulatory matters. Often, but not always,
forward-looking statements can be identified by the use of words
such as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "targets", "aims",
"anticipates" or "believes" or variations (including negative
variations) of such words and phrases, or may be identified by
statements to the effect that certain actions, events or results
"may", "could", "would", "should", "might" or "will" be taken,
occur or be achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and a variety of material factors, many of which are
beyond the Company's control which may cause the actual results to
be materially different from those expressed or implied by the
forward-looking statements. Such factors include, among others,
future price of gold; general business, economic, competitive,
political and social uncertainties; the actual results of current
exploration and development activities; conclusions of economic
evaluations and studies; fluctuations in the value of the U.S.
dollar relative to the local currencies in the jurisdictions of the
Company's key projects; changes in project parameters as plans
continue to be refined; possible variations of ore grade or
projected recovery rates; accidents, labour disputes or slow-downs
and other risks of the mining industry; climatic conditions;
political instability, insurrection or war, civil unrest or armed
assault; labour force availability and turnover; delays in
obtaining financing or governmental approvals or in the completion
of exploration and development activities; and other risks and
factors referred to in the Company's most recent Annual Information
Form filed on SEDAR at www.sedar.com.
Forward-looking statements contained herein are made as of the
date of this document and, except as required by applicable law,
the Company disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events
or results or otherwise.
This information is provided by RNS
The company news service from the London Stock Exchange
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