9th Oct 2014 07:05
LONDON (Alliance News) - Centamin PLC Thursday said it has increased production from its Sukari gold mine in Egypt in the third quarter as its plant reached its capacity target following its expansion.
Production from Sukari in the third quarter ended September 30, totalled 93,624 ounces, a 15% increase on the second-quarter and 10% higher than the same quarter in 2013.
Underground mining produced 248 kilotonnes of ore, up 8% on the second quarter and ore grades also improved over the previous quarter, it said.
Open pit production increased by 50% in the third-quarter to 2,693 kilotonnes, and the total material movement from the open pit increased 16% on the previous quarter to 11,406 kilotonnes. Its run of mine ore - meaning ore that does not need crushing - stockpile increased by 14 kilotonnes to 1,152 kilotonnes at the end of third quarter.
The average grade from underground and open pit mining increased over the third quarter and are expected to improve further during the fourth quarter, increasing gold production levels, the miner said. Centamin has maintained its full-year forecast of 420,000 ounces of gold, it said.
The expanded ore processing plant, which is on site, achieved its targeted capacity of 10 million tonnes per annum during the quarter, Centamin said, with the potential to increase further during subsequent quarters as the new plant is fully optimised. Quarterly throughput at the process plant was 2,388 kilotonnes, a 22% increase on the previous quarter, reflecting the ramp-up of ore treatment, said Centamin.
"Underground mining rates remain strong and ore grades have returned to expected levels. With scope for further increases in plant throughput during the coming quarters, and with average grades set to further increase in Q4, we maintain our full year production guidance and continue to look forward to delivering Sukari's long-term target of 450,000-500,000 ounces per annum from 2015 onwards," said Centamin Chairman Josef El-Raghy.
Centamin shares were up 3.7% to 59.88 pence per share at the open Thursday.
By Joshua Warner; [email protected]; @JoshAlliance
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