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Centamin Reports Increased Gold Production for 2015

Centamin plc (TSX:CEE,LSE:CEY) announced preliminary Q4 2015 production results for its Egypt-based Sukari gold mine.

As quoted in the press release:

Preliminary total gold production for the quarter was 117,644 ounces, a 12% increase on the previous quarter and an 8% decrease on Q4 2014. This brings full year production to 439,072 ounces, a 16% increase on 2014 and within guidance of between 430,000 and 440,000 ounces for 2015.

Open pit total material movement decreased 4% on the previous quarter to 13,754kt with open pit ore production increasing by 1% to 2,229kt. The run of mine ore stockpile balance decreased by 328kt to 704kt at the end of the period.

Andrew Pardey, CEO of Centamin, commented:

During the fourth quarter the Sukari operation reached its target production rate of 450,000 to 500,000 ounces of gold per annum. This significant milestone provides a solid platform for additional productivity increases as the various areas of the expanded Sukari operation continue to be optimised. Full year production is towards the top end of the revised guidance range for 2015 and we look forward to delivering a seventh successive year of growth in 2016.

The ramp-up in productivity from the process plant continued and during the quarter achieved our base case rate of 11Mtpa capacity, in line with our expectations. The underground operation continued to deliver production rates in excess of our forecast and with consistent grades of at least 6g/t. Despite the ongoing weak gold price environment, we again exit the year with a robust financial and operating base on which to continue delivering our growth strategy.

Click here to read the full Centamin plc (TSX:CEE,LSE:CEY) press release.

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