Centamin Announces Q1 Gold Production of 108,233 Ounces

Centamin plc (TSX:CEE,LSE:CEY) announced preliminary Q1 2015 production results from its Egypt-based Sukari gold mine. Gold output came to a total of 108,233 ounces — that’s up 46 percent from the first quarter of 2014, but down 16 percent from Q4 2014.

For the full year, Centamin plans to produce 420,000 ounces of gold.

As quoted in the press release:

Quarterly throughput at the process plant was 2,478kt, a 5% decrease on Q4 2014, as the new SAG mill reline was brought forward this quarter and fitted with improved design lifters and grates.

Open pit total material movement increased 16% on the previous quarter, to 15,996kt. Open pit ore production decreased on Q4 2014 by 38% to 2,562kt and lower average grades mined in the first quarter as expected. The run of mine ore stockpile balance increased by 33kt to 2,204kt at the end of the period.

The underground operation delivered 264kt of ore, a 7% decrease on Q4 2014 with average grades remaining consistent and in line with the underground mining plan.

Andrew Pardey, CEO of Centamin, commented:

As foreshadowed in previous announcements, a reduction in quarterly production rates was expected during the first half of 2015 as mining progresses through the upper portions of the next stage of open pit development. Plant productivity for the quarter remained at around the 10Mtpa nameplate capacity rate and there remains scope for further increases in throughput during the coming quarters as optimisation continues. The operation is well placed to meet our full year forecast of 420,000 ounces as open pit grades are scheduled to progressively increase to the reserve average in the second half of the year, when production is expected to return to annualised rates exceeding 450,000 ounces.

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