Centamin plc Results for the First Quarter and Three Months Ended 31 March 2017
03.05.2017 | Marketwire
PERTH, AUSTRALIA--(Marketwired - May 3, 2017) - Centamin Plc (LSE: CEY) (TSX: CEE)
LSE:CEY, TSX:CEE
| For immediate release | 3 May 2017 |
Centamin Plc ("Centamin" or "the Company")
(LSE:CEY, TSX:CEE)
Centamin Plc ("Centamin", the "Group" or "the Company") is pleased to announce its results for the first quarter ended 31 March 2017.
Q1 2017 Operational Highlights (1),(2)
- Gold production of 109,187 ounces was a 20% decrease on Q4 2016 and 13% lower than Q1 2016 in line with the Company's forecast.
- Cash cost of production of US$734 per ounce and all-in sustaining costs (AISC) of US$887 per ounce.
- Sukari process plant throughput of 2.91 million tonnes (Mt), a 1% decrease on the previous quarter. Metallurgical recovery of 88.8% was down from 89.9% in Q4 2016.
- Sukari underground mine delivered 252 thousand tonnes (kt) of ore, an 11% increase on Q4 2016, at a grade of 7.44g/t (down 29% on Q4 2016).
- Open pit mine material movement of 17,129kt, an 8% increase on Q4 2016, with milled grades of 0.72g/t (down 15% on Q4 2016). Following reconciliation, the open pit plant feed grade has been adjusted upwards from the figure reported in the Q1 2017 preliminary production results.
- Full year 2017 guidance maintained at 540,000 ounces, with US$580 per ounce cash cost of production and US$790 per ounce AISC.
- Continued positive results from underground exploration drilling at Sukari. An updated resource and reserve estimate is planned during the first half of 2017.
- Development of the Cleopatra exploration decline, located in the north-east of Sukari Hill, advanced 810 metres. Encouraging initial results from diamond drilling over 4,074 metres.
- A maiden resource of 0.3Moz Indicated and 1.0Moz Inferred at the Doropo project in Côte d'Ivoire.
- Exploration drilling continued in both Burkina Faso and Côte d'Ivoire.
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