TIDMCEY
RNS Number : 9329J
Centamin PLC
14 August 2012
For immediate release 14 August
2012
Results for the Second Quarter and Half Year Ended 30June
2012
Centamin plc ("Centamin" or "the Company") (LSE: CEY, TSX: CEE)
is pleased to announce its results for the second quarter ended
30June 2012.
To view the full document please follow the link below:
http://www.rns-pdf.londonstockexchange.com/rns/9329J_-2012-8-13.pdf
HIGHLIGHTS(1)
-- Q2 gold production reached a record level of 67,422 ounces
from the Sukari Gold Mine ("Sukari"), a 40% increase on Q2 2011
-- Cash costs(2) of US$565 per ounce (US$729 inclusive of fuel prepayments, see main text)
-- Engagement on fuel subsidy ongoing
-- Average gold sales price received of US$1,610 per ounce
-- Underground mine achieved record quarterly ore production of
116kt, a 269% increase on Q2 2011
-- Record mill utilisation of 89%, a 7% increase on Q2 2011
-- Record mill throughput of 1,269kt, an increase of 49% on Q2
2011 with record monthly mill throughput in May of 453,457t
-- Stage 4 (plant expansion to 10Mtpa) continues to progress
well and is on track for commissioning to begin in Q1 2013.
Expenditure to date is US$138.7 million
-- With cash, bullion, gold sales receivable and liquid
assets(2) of US$183 million as at 30 June 2012, Centamin remains
debt-free and unhedged
-- 2012 production guidance of 250,000 ounces maintained, with
cash costs of US$550 per ounce at subsidised fuel prices
-- Drilling continued at Una Deriam, the first of Centamin's
four exploration licenses in Ethiopia with drilling results
expected in H2 2012
Q2 2012 Q1 2012 Q2 2011 Q1 2011
---------------------------- ------- ------- ------- --------
Total Gold Production (oz) 67,422 49,071 47,991 45,204
---------------------------- ------- ------- ------- --------
Cash Cost of Production
(1,4) (US$/oz) 565 609 498 501
---------------------------- ------- ------- ------- --------
Average Sales Price (US$) 1,610 1,694 1,545 1,405
---------------------------- ------- ------- ------- --------
Revenue (US$M) 96.8 87.7 77.9 89.0
---------------------------- ------- ------- ------- --------
EBITDA(2,,3,4) (US$M) 54.9 55.2 59.6 59.9
---------------------------- ------- ------- ------- --------
Basic EPS(4) (cents) 3.87 4.67 5.15 5.65
---------------------------- ------- ------- ------- --------
(1) Results and highlights for the first quarter ended 31 March 2012 are available at www.centamin.com . (2) Cash cost of Production, EBITDA and cash, bullion and liquid assets are a non-GAAP measure defined on pages17 - 18 of this news release.
(3) EBITDA reported is on the basis of subsidised fuel costs.
(4) Historic Cash cost of production,EBITDA and EPS now reflect adoption of IFRIC 20.
Josef El-Raghy, Chairman of Centamin, said: "Our team at Sukari
has delivered a record quarter on tonnes mined from the underground
and tonnes processed through the plant. Open pit tonnes mined
increased significantly from Q1 as staged development in line with
the optimised mine plan announced in May opened up additional
mining faces. We have delivered our strongest operating quarter to
date and remain on track to deliver our full year production
guidance of 250,000 ounces."
Centamin will host a conference call on Tuesday, 14 August 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 three numbers, approximately 10 minutes before the start
of the call.
From UK: (toll free) 0800 368 1895
From Canada: (toll free) 1866 561 8617
From rest of world: +44 (0) 203 140 0693
Participant pass code: 401548#
A live audio webcast of the call will be available on:
http://mediaserve.buchanan.uk.com/2012/centamin140812/registration.asp
A group analyst briefing with be held simultaneously at 9.00am
at the offices of Buchanan, 107 Cheapside, London, EC2V 6DN
A second call (Q&A only) will be held for North American
analysts and investors at 2.00pm (London, UK time) / 9.00am EST.
Participants may join the call by dialling one of the following
three numbers, approximately 10 minutes before the start of the
call.
From Canada: (toll free) 1866 561 8617
From US: (toll free) 1866 928 6049
From rest of world: +44 (0) 203 140 0693
Participant pass code: 925269#
For more information please contact:
Centamin plc
Josef El-Raghy, Chairman
Andrew Davidson,Head of Investor Relations +44 (0) 20 7569 1670
and
Business Development +44 (0) 20 7569 1671
Buchanan
Bobby Morse
Gabriella Clinkard +44 (0) 20 7466 5000
About Centamin plc
Centamin is a mining company that has been actively exploring in
Egypt since 1995. The principal asset of Centamin is its interest
in the large scale, low cost Sukari Gold Mine, located in the
Eastern Desert of Egypt. 2010 was Sukari's maiden year of
production, with 150,000 ounces of gold produced. In 2011,
production expanded to over 200,000 ounces, with production
forecast to increase further in the following years.
The Sukari Gold Mine is the first large-scale modern gold mine
in Egypt. Centamin's operating experience in Egypt gives it a
significant first-mover advantage in acquiring and developing other
gold projects in the prospective Arabian-Nubian Shield.
In 2011 the Group acquired Sheba Exploration Plc ("Sheba") and
now has interests in four mineral licences in Ethiopia where it is
conducting further exploration activities.
CHAIRMAN'S STATEMENT
We have delivered our strongest operating quarter to date and
remain on track to deliver our full year production guidance of
250,000 ounces. Sukari continues to be highly cash generative, with
EBITDA of US$54.9 million in the quarter and cash, bullion and
liquid assets of US$183 million as at 30 June 2012. Centamin
remains 100% exposed to the high gold price environment through its
unhedged position and the Company is projected to have sufficient
funding from its cash flow and cash balance to fund its capex
projects, including the Stage 4 expansion.
Our exploration and development strategy in Ethiopia progressed
during the quarter, as drilling continued at the first of our four
exploration licences in northern Ethiopia.
The full year cash cost guidance remains at US$550 per ounce at
subsidised fuel prices and would increase by circa US$150 per ounce
in the event that international fuel prices are levied.
OPERATIONAL REVIEW
Production
Sukari Gold Mine production summary:
Q2 2012 Q1 2012 HY 2012 Q2 2011 Q1 2011 HY 2011
----------------------------- ------------- ------- -------- ------- -------- ------- -------
Ore Mined - Open Pit ('000t) 1,816 1,003 2,819 1,039 1,212 2,251
----------------------------- ------------- ------- -------- ------- -------- ------- -------
Ore Grade Mined -
Open Pit (Au g/t) 1.07 0.83 0.99 NR NR NR
----------------------------- ------------- ------- -------- ------- -------- ------- -------
Ore Grade Milled -
Open Pit (Au g/t) 1.19 1.21 1.20 NR NR NR
----------------------------- ------------- ------- -------- ------- -------- ------- -------
Total Open Pit Material
Mined ('000t) 6,579 4,819 11,398 3,030 4,552 7,582
----------------------------- ------------- ------- -------- ------- -------- ------- -------
Strip Ratio (waste/ore) 2.6 3.8 3.0 1.9 2.8 2.4
----------------------------- ------------- ------- -------- ------- -------- ------- -------
Ore Mined - Underground
Development ('000t) 53 47 100 39 41 80
----------------------------- ------------- ------- -------- ------- -------- ------- -------
Ore Mined - Underground
Stopes ('000t) 63 25 88 4 - 4
----------------------------- ------------- ------- -------- ------- -------- ------- -------
Ore Grade Mined -
Underground (Au g/t) 8.68 8.11 8.46 NR NR NR
----------------------------- ------------- ------- -------- ------- -------- ------- -------
Ore Processed ('000t) 1,269 1,020 2,289 850 741 1,591
----------------------------- ------------- ------- -------- ------- -------- ------- -------
Head Grade (g/t) 1.99 1.69 1.86 1.82 1.94 1.88
----------------------------- ------------- ------- -------- ------- -------- ------- -------
Gold Recovery (%) 84.3 85.0 84.6 85.0 86.7 85.8
----------------------------- ------------- ------- -------- ------- -------- ------- -------
Gold Produced - Dump
Leach (oz) 1,318 1,903 3,221 2,765 2,676 5,441
----------------------------- ------------- ------- -------- ------- -------- ------- -------
Gold Produced - Total (oz) 67,422 49,071 116,493 47,991 45,204 93,195
----------------------------- ------------- ------- -------- ------- -------- ------- -------
Cash Cost of Production (US$/oz) 565 609 584 498 501 499
----------------------------- ------------- ------- -------- ------- -------- ------- -------
Open Pit Mining (US$/oz) 194 166 NR NR NR NR
----------------------------- ------------- ------- -------- ------- -------- ------- -------
Underground Mining (US$/oz) 50 52 NR NR NR NR
----------------------------- ------------- ------- -------- ------- -------- ------- -------
Processing (US$/oz) 263 315 NR NR NR NR
----------------------------- ------------- ------- -------- ------- -------- ------- -------
G&A (US$/oz) 58 76 NR NR NR NR
----------------------------- ------------- ------- -------- ------- -------- ------- -------
Gold Sold (oz) 60,673 52,701 113,374 50,262 63,240 113,502
----------------------------- ------------- ------- -------- ------- -------- ------- -------
Average Realized Sales
Price (US$/oz) 1,610 1,694 1,649 1,545 1,405 1,467
----------------------------- ------------- ------- -------- ------- -------- ------- -------
Notes:- (1) Ore mined includes 104kt @ 0.50g/t delivered to the
dump leach in Q2 2012 (264kt @ 0.42g/t in Q1 2012;
224kt @ 0.5g/t in Q2 11 and 435kt @ 0.6g/t in Q1 11).
(2) Gold produced is gold poured and does not include
gold-in-circuit at period end.
(3) Cash costs exclude royalties, exploration and corporate
administration expenditure.
(4) Realised Sales Price reflects actual sales price realised
during the period i.e. excludes Gold receivable.
(5) Historic Cash cost of production now reflect adoption of
IFRIC 20.
NR - Not Reported.
Centamin delivered a record 67,422 ounces of gold production in
Q2 2012, which is a 40% increase on Q2 2011.
Sukari's production profile for the year will see a larger
proportion of ounces delivered in Q3 and Q4 due to increasing
overall headgrade and as such our full year production guidance of
250,000 ounces remains intact.
On 30 May 2012, Centamin released an optimised 5 year mine plan
highlighting the following:
-- 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
-- Faster ramp up to 10Mtpa processing capacity following completion of Stage 4 expansion
Open Pit
The open pit delivered total material movement of 6.6Mt for the
quarter, a significant increase of 37% on Q1 2012 as additional
mining faces opened up and an increase of 117% on the corresponding
quarter in 2011.
Ore production from the open pit was 1.8Mt at 1.07g/t with
average head grade of ore fed to the plant of1.19g/t. The ROM ore
stockpile balance increased by 278kt to 497kt by the end of the
quarter.
Mining continued to focus in Stage 2A and Stage 2B down to the
1040RL and 1076RL respectively. In Stage 3 development work
continued with minor production commencing in preparation for large
scale load and haul activities.
Underground Mine
The underground mine achieved a record quarterly ore production
with 116kt hauled to surface and ore production continues to ramp
up whilst a significant focus on longer term development is also
maintained.
Grades continued to be reasonably high, with a headgrade of
8.68g/t from the underground mine in Q2. The grade was below the
annual production guidance range of 10-12g/t as the majority of the
stope material for the quarter continued to be mined from the lower
grade stockwork stopes.However, during the last part of the
quarter, higher grade stope material was mined anddevelopment of
access to the higher grade areas continues. Higher grade material
is scheduled for mining in the remaining quarters and the annual
grade guidance of 10-12g/t is maintained. The ratio of stoping ore
to development ore mined increased this quarter, with 46% of
development ore (53kt) and 53% of stoping ore (63kt) in Q2
2012.
A further 707.1 metres of development took place on the 875,
860, 850 and 845 levels to access additional stoping blocks that
will be mined during 2012. A total of 2,922.9 metres of diamond
drilling was done during the quarter for both short term stope
definition and development whilst a further 1,978 metres of
drilling to test the depth extensions below the current Amun zone
and into the Horus zone was completed.
Development of the Ptah Decline, which will move towards the
north of the Sukari deposit and provide access to the high grade
Julius zone, began in October 2011 and had advanced 296.4 metres by
the quarter end. The Ptah Decline will take underground activity
away from the pit shell over the next two years, allowing Centamin
to maintain two separate underground production sources once the
Amun Decline becomes part of the open pit.
The anticipated capital cost of the Ptah Decline is US$18
million, which will see the decline reach the first ore blocks to
be developed below the middle of the hill. It is expected that this
initial development work will be complete in late 2012.
Processing
The plant performed at an annualised rate of 5 million tonnes
per annum (Mtpa) consistently throughout the quarter, with
productivity of 652 tonnes per hour(tph) for the quarter.
The quarterly throughput in the Sukari processing plant was
1,269kt, 49% higher than the corresponding quarter in 2011 and 24%
higher than Q1.
Plant metallurgical recoveries were 84.3%, which is a 1%
decrease on Q1. Recoveries are expected to increase with
improvements to plant automation, which ensures we are operating
within a tight band of pH control and thus optimising leach
conditions on a continual basis. Centamin is also looking to
improve its efficiency of carbon management and a short term
measure is to replace some of the older fouled carbon with new
virgin carbon on a periodic basis, which helps to maintain a higher
amount of gold absorbed onto carbon and recovered. It has been
identified that the existing carbon regeneration plant is unable to
sufficiently regenerate the carbon. A new plant has been ordered
and this will be installed in Q1 2013. This plant will have
sufficient capacity to ensure all the carbon is regenerated
effectively and is expected to improve recoveries by 3 -5%.
The dump leach operation produced 1,318oz in Q2, a 31% decrease
on Q1. 104kt of low grade oxide ore at 0.50g/t was delivered to the
pads in preparation for irrigation, bringing the total ore placed
on the dump leach to approximately 6.0Mt at 0.50g/t. Dump leach
volumes pumped back to the CIL Plant were deliberately reduced to
minimise issues associated with the carbon fouling and carbon
regeneration and the impact on recoveries.
Fuel Costs
As explained in the announcement on 28 March 2012, Sukari has
benefited from the national industry subsidy in Egypt for diesel.
As compared with international prices this has a beneficial effect
of approximately US$150/oz. on the forecast cash costs of
US$550/oz. for 2012 based on 250,000 ounces of production. The cash
cost of US$565 per ounce for the quarter does not include the cost
of purchasing fuel for the quarter at international prices.
Given the challenging political and fiscal conditions that Egypt
is currently experiencing it was necessary during Q2 to continue to
advance funds to our fuel supplier Chevron based on the
international price of fuel to ensure continuous operations whilst
negotiations are ongoing with the Egyptian Government on the path
forward for fuel subsidies.Management are treating these fund
advances as prepayments being calculated at the international fuel
price approximately 85 cents/litre and at this stage are not
expensed, however they represent roughly half of our fuel supply
for Q1 and all the usage for Q2. Should these prepayments be
expensed, the cash cost for Q1 would increase by US$108 to US$717
per ounce and for Q2 would increase by US$164 per ounce to US$729
per ounce and for the half year would increase by US$141 per ounce
to US$725 per ounce.
Negotiations are ongoing with the Egyptian Government on the
path forward for fuel subsidies but given the slow progress and
short time periods for commencing legal action, the Board agreed to
commence judicial review proceedings in Egypt. The Company, which
has the support of the Egyptian Mineral Resource Authority in these
negotiations and judicial review proceedings,does not believe that
an instant move to international fuel prices is a reasonable
outcome. The Company will look to recover any funds advanced thus
far at this higher rate should negotiations or proceedings be
concluded successfully. Centamin will update shareholders on these
negotiations and proceedings and update full year cash cost
guidance if necessary.
STAGE 4 EXPANSION
Construction continueson Stage 4 of the process plant expansion
which will expand the Sukari capacity from 5Mtpa to 10Mtpa. The
capital cost of the Stage 4 expansion is budgeted at US$287.6
million (excluding contingency) with expenditure to date of
US$138.7 million.
Main Plant
Detailed engineering is 94% complete and the final issue,
evaluation and award of equipment packages is ongoing.
Power Station
The engineering design and procurement are 100% complete.Civil,
structural and mechanical works continue around power house, fuel
treatment, workshop buildings and day tank area. Electrical work on
cable tray installation and earthing are ongoing.
Sea Water Pipeline
Orders have been placed for motorized valves, flanges and above
ground pipe work. The installation contract tender has been
completed and awarded to Egyptian Maintenance Co. (EMC).
Engineering for the Petroleum & Process Industries (ENPPI) are
finalising the electrical equipment supply.
Tailings Storage Facility
The construction process for the Tailings Storage Facility
("TSF") is 85% complete.Construction by earthworks contractor
together with mining is ongoing.
Costing
A breakdown of the major cost areas to date are as follows:
-- Mining Equipment US$19.5M
-- Processing Plant US$72.9M
-- Power Plant US$33.1M
-- Other US$13.2M
US$138.7M
Major contributors to the payments made in Q2 were as
follows:
-- Mining Equipment US$9.1M
-- Processing Plant US$26.6M
-- Power Plant US$1.2M
-- Other US$2.5M
US$39.4M
The Stage 4 expansion project remains on schedule for
commissioning in Q1 2013.
EXPLORATION UPDATE
Sukari Hill
Centamin's resources at Sukari are 13.13Moz Measured &
Indicated and 2.3Moz Inferred, which include reserves of 10.1Moz.
Drilling continued from the underground development drives and the
drilling programme will build up to four underground based
exploration/resource drill rigs throughout 2012.
We aim to continue adding ounces to Sukari's already significant
resource base.
Regional Exploration
Drilling continued in the V- Shear and Kurdeman prospects.
Drilling at V- Shear continued to test the extent of the porphyry
as this represents the first significant zones of porphyry
encountered away from the Sukari Hill. Assays are promising and the
materiality of this discovery is currently being reviewed.
Growth Beyond Sukari
The third pillar of Centamin's growth strategy is growth beyond
Sukari. Centamin has interests in 4 exploration licences in
northern Ethiopia and drilling at the first property, Una Deriam,
began in Q1. Ethiopia is a geologically prospective terrain that is
historically underexplored. There is an emerging gold mining
industry and significant artisanal gold mining activities. Through
a well-funded and focused exploration effort, Centamin hopes to
replicate its success in Egypt in exploring and developing gold
assets.
During Q2 the Company continued diamond drilling at Una Deriam
and samples have been dispatched to South Africa. Previous work on
the tenement had outlined a 8km long gold in soil anomaly. Several
historical open hole percussion drill holes confirmed the existence
of significant sub-surface gold mineralisation with +20 metre
intersections.
The acquisition of Sheba was part of the Company's plan to
diversify into other countries in the prospective Arabian-Nubian
Shield. Centamin intends to continue to grow and diversify its
asset base through targeted acquisitions in the region and
beyond.
FINANCIAL REVIEW
Centamin has a strong and flexible financial position with no
debt, no hedging and cash, bullion and liquid assets of US$182.7m
at 30June 2012. Cash, bullion and liquid assets is a non-GAAP
financial measure and includes cash, bullion, gold sales receivable
and liquid assets.
-- Cash at Bank US$127.7 million
-- Gold Sales Receivable US$27.3 million
-- Liquid assets - listed equities US$7.7 million
-- Bullion US$20.0million
Sukari generated revenue of US$96.8 million in Q2, a 10%
increase on Q1. Revenue reported comprises proceeds from gold and
silver sales.
Centamin's cash costs per ounce were lower than in Q1 primarily
as a result of higher production and improved productivities
compared to those reported in Q1. The production increase of 37%
over Q1 was also driven to some extent by the higher grade ore
being fed to the mills, (1.99g/t in Q2 compared to 1.69g/t in Q1)
resulting in higher ounces produced (67,422 ounces in Q2 compared
to 49,071 ounces in Q1) from a 28% increase in tonnes milled (circa
1Mt). Cash costs increased by 27% ($38.1 million in Q2 compared to
$29.9 million in Q1). The major contributor to the higher costs in
Q2 was the increase in production.
The Company reported a 9% decrease in EBITDA on Q2 2011 and a 1%
decrease on Q1. Basic Earnings per Share for the quarter was 3.87
cents.Whilst there was a moderate decrease in the unit cash cost of
production there was not a significant corresponding increase in
EBITDA due to a build-up of gold inventory during the period (gold
sales of 60,673 ounces versus production of 67,422 ounces).
CORPORATE UPDATE
Chief Executive Officer Appointment Process
Having reviewed the market for potential candidates, the Board
is currently re-assessing its options for ensuring that the Company
has the right leadership to best further its future development. A
further update will be given in due course.
Investor Relations and Business Development Officer
Appointment
Andrew Davidson, a qualified geologist and formerly Director of
Equity Research, Metals and Mining at Numis Securities joined the
Company as Head of Investor Relations and Business Developmenton 13
August 2012.
Outlook
Centamin remains focused on progressing all three pillars of our
growth strategy. At Sukari, we are committed to delivering on our
full year production guidance of 250,000 ounces, a 25% increase in
production from 2011. The full year cash cost forecast remains at
US$550 per ounce at subsidised fuel prices and in the event that
international fuel prices are levied, would increase to
approximately US$700 per ounce. Even with these higher costs,
Centamin is still projected to be able to fund its 2012 capex
projects from Sukari cash flow and we remain a relatively low cost
operation. With the ramp up of the construction efforts on the
Stage 4 expansion, we are on track to become a significant mid-tier
gold producer from the large scale Sukari gold deposit. The
regional exploration efforts within the 160km(2) Sukari tenement
continue to look promising and with the commencement of drilling at
Una Deriam in Ethiopia our diversification within the highly
prospective and under-explored Arabian Nubian Shield is
underway.
Josef El-Raghy
Chairman
14 August 2012
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This document 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, the estimation of mineral reserves and mineral resources, the
realization of mineral reserve and resource estimates, the timing
and amount of estimated future production, revenues, margins, costs
of production, estimates of initial capital, sustaining capital,
operating and exploration expenditures, costs and timing of the
development of new deposits, costs and timing of future
exploration, requirements for additional capital, foreign exchange
risks, governmental regulation of mining operations and exploration
operations, timing and receipt of approvals, consents and permits
under applicable mineral legislation, 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,
performance or achievements of Centamin, its subsidiaries and
affiliated companies to be materially different from any future
results, performance or achievements expressed or implied by the
forward-looking statements. Readers are cautioned that
forward-looking statements may not be appropriate for other
purposes than outlined in this document. 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; as well as those factors
referred to in the section entitled "Risks and
Uncertainties"section of the Management discussion & analysis.
The reader is also cautioned that the foregoing list of factors is
not exhausted of the factors that may affect the Company's
forward-looking statements.
Although the Company has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results to
differ from those anticipated, estimated or intended.
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. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements.
QUALIFIED PERSON AND QUALITY CONTROL
Information of a scientific or technical nature in this document
was prepared under the supervision of Andrew Pardey, BSc. Geology,
Chief Operating Officer of Centamin plc and a qualified person
under the Canadian National Instrument 43-101.
Refer to the technical report entitled "Mineral Resource and
Reserve Estimate for the Sukari Gold Project, Egypt" dated 14 March
2012 and filed on SEDAR at www.sedar.com, for further discussion of
the extent to which the estimate of mineral resources/reserves may
be materially affected by any known environmental, permitting,
legal, title, taxation, socio-political, or other relevant
issues.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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