Centamin on track for 250,000oz annual production
10th May 2012
LONDON, May 10 – A 9% increase in March (1st) 2012 quarter gold production from Centamin’s Sukari Gold Mine in Egypt has the company on track to produce 250,000oz in calendar 2012 at cash costs of $US550/oz.
The latest quarter’s 49,071oz was 9% up on the previous (Q4 2011) quarter at cash costs of $637/oz (excluding additional fuel prepayments), with an average gold sales price received of $1,694/oz. This pushed revenue up to $88M from Q4 2011’s $85.8M and EBITDA up to $60.5M from $54.9M.
The underground mine achieved record quarterly material movement of 71,815t, with processing plant throughput of 1,020kt, up 38% on Q1 2011.
The $287M stage-4 plant expansion from 5Mtpa to 10Mtpa, that has cost $99.3M so far, is scheduled for commissioning to begin in the March 2013 quarter.
Sukari’s 18-year mine life is based on proven/probable gold reserves of 10.1Moz, with 13.13Moz of measured/indicated resources and 2.3Moz inferred.
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