TIDMCEY
RNS Number : 9689T
Centamin PLC
09 July 2018
For immediate release 9 July 2018
Centamin plc ("Centamin" or "the Company")
(LSE:CEY, TSX:CEE)
Q2 2018 Preliminary Production Results
Centamin announces preliminary production results for the second
quarter and six months ended 30 June 2018 from its Sukari Gold Mine
("Sukari") in Egypt.
3 months ended 6 months ended
30 June 30 June
------------------ ------------------
units Q2 2018 Q2 2017 H1 2018 H1 2017
--------------------------- ----------- -------- -------- -------- --------
Safety
200,000
Group LTIFR hours 0.00 0.00 0.06 0.26
--------------------------- ----------- -------- -------- -------- --------
Open pit mining
Total material
mined kt 18,415 17,493 36,911 34,622
Ore mined(1) kt 5,532 3,060 11,578 5,538
Ore grade mined g/t Au 0.51 0.76 0.50 0.63
Ore grade milled g/t Au 0.59 0.81 0.64 0.77
Strip ratio waste/ore 2.33 4.72 2.19 5.25
--------------------------- ----------- -------- -------- -------- --------
Underground mining
Ore mined from
stoping kt 180 174 340 327
Ore mined from
development kt 109 119 261 218
Ore grade mined g/t Au 4.62 8.79 5.48 8.16
--------------------------- ----------- -------- -------- -------- --------
Processing
Ore processed kt 3,172 3,056 6,240 5,964
Head grade g/t Au 0.99 1.44 1.15 1.37
Gold recovery % 87.3 86.7 88.6 87.7
Gold produced
- dump leach oz 3,028 1,738 5,183 3,786
Total gold production(2) oz 92,803 124,641 217,099 233,828
--------------------------- ----------- -------- -------- -------- --------
(1) Ore mined includes 3.6Mt at 0.42g/t delivered to the dump leach in Q2 2018;
(2) Gold produced is gold poured and does not include gold-in-circuit at period end.
OVERVIEW
-- Gold production for the second quarter ("Q2") was 92,803
ounces, a 25% reduction year on year ("YoY"), reflecting the lower
open pit grades as mining progresses through the transitional zone
and below forecast underground grades.
-- Gold production for the six months ended 30 June 2018 ("H1")
was 217,099, a 7% reduction YoY. Materially stronger production is
expected for the second half, driven by continued improvements in
grade from the open pit as mining progresses into the sulphide ore
and an increase in high grade stoping tonnes from the
underground.
-- The Company maintains full year 2018 revised production guidance of 505,000-515,000 ounces.
-- Open pit mining operational parameters performed in line with the revised mine plan in Q2:
o Open pit total material movement was 18.4Mt, a 5% increase
YoY;
o Open pit ore mined was 5.5Mt, an 81% increase YoY, at an
average mined grade of 0.51g/t, a 33% decrease YoY, reflecting the
mining of Stage 4A lower grade transitional zone;
o Open pit average milled grade was 0.59g/t, a 27% decrease
YoY;
o 3.6Mt at 0.42g/t was delivered to the dump leach pads. The
dump leach produced 3,028 ounces in Q2, a 74% increase YoY.
-- Underground grade underperformed the mine plan in Q2. Stope
grades were impacted by greater than scheduled dilution from low
grade porphyry material in the open stopes. Development grades were
lower as development was focused on access drives to future mining
areas. Stope tonnage continued to improve and there has been no
further disruptions to the long hole drill rig ("LHDR")
availability and utilisation.
o Total underground ore delivered was 289kt, a 2% increase YoY,
at an average mined grade of 4.62g/t, approximately 1 g/t below
revised forecast and a 47% decrease YoY, due to reasons outlined
above:
Ore mined from stoping was 180kt at 4.61 g/t
Ore mined from development was 109kt at 4.64 g/t
Stope to development ore split returned to an optimal 60:40
split;
o Core underground equipment availability and utilisation has
improved. As a mitigating measure, a reserve LHDR is due to arrive
on site in the fourth quarter.
-- Cleopatra exploration and development has ramped up during
Q2, following the mobilisation of the second crew and equipment in
late April. A total of 7,169 metres were completed in exploration
drilling. Development of 540 metres, delivering 47,692 mined
tonnes, at an average development grade of 1.77 g/t. Exploration
assay results received within Q2 will be included with the detailed
Interim Results.
-- Processing plant performed in line with forecasts, despite
lower feed grade, as a result of lower underground grade:
o Total ore processed through the plant was 3.17Mt, a 4%
increase YoY;
o Metallurgical plant recoveries for the quarter were 87.3%, a
1% increase YoY.
-- Sukari achieved a zero-harm record in Q2 with no Lost Time
Injuries, in line with the Company's zero harm health and safety
strategy, registering a Lost Time Injury Frequency Rate of 0.00 per
200,000 hours worked, the same as in Q2 2017.
-- The Company will publish full Interim Results for the second
quarter and six months ended 30 June 2018 on 2 August 2018. The
results will be accompanied by a webinar presentation for investors
and analysts at 09:00 BST (UK) on the same day.
Andrew Pardey, CEO commented:
"We have experienced several challenges this year, resulting in
the revision of our full year guidance in May. I am pleased to
report progress throughout June in the open pit, where mining has
begun to access improved grades as we are currently mining through
the lower areas of the transitional zone and into the sulphide ore,
which will be mined in the third quarter and onwards for the next
four years. Our focus now remains firmly on delivering the
underground operations back in line with forecasts and returning
Sukari's production profile to a steady state."
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: 63862184#
UK Toll: +44 2034281542
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
Alexandra Carse, Investor Relations Chris Judd
+44 (0) 7700 713 738 + 44 (0) 20 7466 5000
alexandra.carse@centamin.je centamin@buchanan.uk.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DRLUWRRRWKABRUR
(END) Dow Jones Newswires
July 09, 2018 02:00 ET (06:00 GMT)
Centamin (LSE:CEY)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
Centamin (LSE:CEY)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024