Centamin Reports 14-percent Rise in Gold Output for Q3

Centamin plc (TSX:CEE,LSE:CEY) released its results for the third quarter of 2015, commenting that it produced 105,413 ounces of gold, a 14-percent rise from the year-ago period and in line with Q2 2015 production.
Other operational highlights include:

• Cash cost of production of US$767 per ounce and all-in sustaining costs (AISC) of US$918 per ounce, versus US$706 per ounce and US$853 per ounce respectively in the previous quarter.
• 2015 production guidance of between 430,000 and 440,000 ounces. With higher anticipated fourth quarter production and our continued focus on cost control, we expect to achieve below the previously guided cash cost of production of US$700 per ounce and AISC of US$950 per ounce.
• Process plant throughput of 2.67Mt was 7% above the 10Mtpa nameplate capacity.
• Open pit mining rates and grades in line with forecast. Underground mine delivered 312kt of ore, an 11% increase on Q2 2015, at an average grade of 6.45g/t in line with the mining plan.

Financial highlights are as follows:

• EBITDA of US$31.3 million was down 16% on Q2 2015, with a 5% reduction in gold prices together with increased operating costs and an adverse movement in production inventory and ore stockpiles.
• Centamin remains debt-free and un-hedged with cash, bullion on hand, gold sales receivable and available-for-sale financial assets of US$216.1 million at 30 September 2015.
• Basic earnings per share of 0.55 cents; down 67% on Q2 2015 due to factors affecting EBITDA and a 36% increase in depreciation and amortisation, following the reserve update at 30 June 2015 and a consequent increase in the amortisation charge for capitalised underground development.

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