Centamin announces Q4 preliminary production results
- Egypt: Thursday, January 10 - 2013 at 16:03
- PRESS RELEASE
Centamin is pleased to announce its preliminary production results from its Sukari Gold Mine (Sukari) in Egypt for the quarter ended 31December 2012.
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, a17% increase on the corresponding quarter in 2011,and a25% 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 wasdown3% 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.
Josef El-Raghy, Chairman of Centamin, commented:
"The team at Sukari has delivered avery 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."
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