Centamin PLC Sukari Operational Update (9319A)
02 Octubre 2020 - 1:00AM
UK Regulatory
TIDMCEY
RNS Number : 9319A
Centamin PLC
02 October 2020
2 October 2020
Centamin plc
("Centamin" or "the Company")
(LSE:CEY, TSX:CEE)
SUKARI OPERATIONAL UPDATE
Centamin plc announces that it has detected movement in a
localised area of waste material in the Sukari open pit Stage 4
West wall and has decided to immediately defer open pit mining
operations in this zone. This decision is a preventative measure to
safeguard the health and safety of our workforce and the long-term
potential of Sukari. As a consequence, 2020 guidance will be
reduced and an updated mine plan for future years will be included
in the life of asset ("LOA") review.
Measures to stabilise movement in the affected area have already
been implemented. In addition, the Company has commenced a detailed
geotechnical assessment, which is focused on developing a plan to
mine the impacted area.
The high-grade Stage 4 West wall was scheduled to be mined
during Q4 2020 and 2021. The area contains circa 90,000 ounces of
gold ("Au") in situ at grades of up to 2.0g/t Au. Mining of the
impacted high-grade material will be rescheduled.
Open pit mining at Stage 4 North and Stage 5 North will
continue, albeit at grades of <1.0 g/t Au. Any shortfall from
the open pit will be provided from low-grade surface stockpiles
(average grade 0.47g/t Au). Underground mining has not been
affected and will continue as planned.
Preliminary gold production for the three months ended 30
September 2020 ("Q3") was circa 120,000 ounces, bringing production
for the nine months to circa 375,000 ounces. While the precise
impact has yet to be fully determined, the Company's preliminary
estimate is that production for the fourth quarter will be reduced
to circa 70,000 ounces.
Centamin will release its Q3 Quarterly Report on 21 October
2020, and further updates will be provided at that time.
Furthermore, the Company will publish the preliminary conclusions
of the LOA review by year end.
Martin Horgan, CEO, commented : "The safety of our employees is
paramount. The use of the slope radar system has facilitated
pro-active management of geotechnical risks and we have decided to
defer production from this higher-grade area in order to protect
our workforce and preserve the value of Sukari. As previously
disclosed, we are undertaking a LOA review of Sukari. This is well
advanced and any rehabilitation requirements and implications for
long term geotechnical stability will be incorporated into this
initiative."
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014.
FOR MORE INFORMATION please visit the website www.centamin.com or contact:
Centamin plc Buchanan
Alexandra Carse, Investor Relations Bobby Morse
+44 (0) 7700 713 738 + 44 (0) 20 7466 5000
investors@centamin.je centamin@buchanan.uk.com
________________________________________________________________________________________________
Forward-looking Statements
This announcement (including information incorporated by
reference) contains "forward-looking statements" and
"forward-looking information" under applicable securities laws
(collectively, "forward-looking statements"), including statements
with respect to future financial or operating performance.
Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as "believes",
"expects", "expected", "budgeted", "forecasts" and "anticipates".
Although Centamin believes that the expectations reflected in such
forward-looking statements are reasonable, Centamin can give no
assurance that such expectations will prove to be correct.
Forward-looking statements are prospective in nature and are not
based on historical facts, but rather on current expectations and
projections of the management of Centamin about future events and
are therefore subject to known and unknown risks and uncertainties
which could cause actual results to differ materially from the
future results expressed or implied by the forward-looking
statements. In addition, there are a number of factors that could
cause actual results, performance, achievements or developments to
differ materially from those expressed or implied by such
forward-looking statements; general business, economic,
competitive, political and social uncertainties; the results of
exploration activities and feasibility studies; assumptions in
economic evaluations which prove to be inaccurate; currency
fluctuations; changes in project parameters; future prices of gold
and other metals; possible variations of ore grade or recovery
rates; accidents, labour disputes and other risks of the mining
industry; climatic conditions; political instability; decisions and
regulatory changes enacted by governmental authorities; delays in
obtaining approvals or financing or completing development or
construction activities; and discovery of archaeological ruins.
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 information or
statements. Forward-looking statements contained herein are made as
of the date of this announcement and the Company disclaims any
obligation to update any forward-looking statement, whether as a
result of new information, future events or results or otherwise.
Accordingly, readers should not place undue reliance on
forward-looking statements.
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