Centamin Plc Announces Preliminary Production Results from its Sukari Gold Mine in Egypt for the Fourth Quarter and Year Ended December 31, 2012
January 09, 2013 at 02:00 am EST
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Centamin Plc announced preliminary production results from its Sukari Gold Mine in Egypt for the fourth quarter and year ended December 31, 2012. For the quarter, the company's total gold production was 85,543 ounces, a 45% increase on the corresponding quarter in 2011 and a 40% increase on third quarter of 2012. Quarterly throughput at the Sukari process plant was 1,250kt, a 17% increase on the corresponding quarter in 2011, and a 25% increase on third quarter of 2012. The nameplate annualized rate was achieved as productivity improved significantly on the previous quarter. Open pit total material movement of 6,739kt was down 3% and ore production of 1,916kt was up 16% on third quarter of 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 third quarter of 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.
For the full year, the company's total gold production was 262,958, a 30% increase on 2011 and above guidance of 250,000 ounces.
Centamin plc is a Jersey-based gold producer. Its assets include Sukari Gold Mine, Doropo Gold Project and ABC Project. The Sukari is a bulk tonnage open pit and a high-grade underground operation, with significant exploration upside at depth and regionally, within the 160 square kilometers (km2) tenement. The Doropo Project consists of seven exploration permits, covering an area of over 1,850 km2. The Doropo Project is in the northeast of Cote dâIvoire, over 480 kilometers (km) north of Abidjan. The ABC Project is in northwest Cote d'Ivoire, over 550 km northwest of Abidjan and 460 km west of Centamin's Doropo project. Its EDX Blocks comprise 3,000 km2 of greenfield exploration tenements within the Egyptian section of the Arabian Nubian Shield. The land package is divided into three blocks: Nugrus Block, which covers over 1,086 km2, Um Rus Block, which is located 50 km north of Sukari, and Najd Block, which is located 100 km northwest of Sukari in the Central Eastern Desert.