8th Apr 2015 06:29
LONDON (Alliance News) - Centamin PLC Wednesday said production from the Sukari gold mine fell quarter-on-quarter as expected as it begins mining the upper portions of the open pit, but reiterated its full year guidance.
The gold miner said total gold production from the Sukari gold mine in Egypt in the first quarter of 2015 totalled 108,233 ounces of gold, which is up 46% from a year earlier but down 16% quarter-on-quarter. Centamin said production in the first half of the year will be reduced as mining progresses through the upper portions of the next stage of open pit development.
Total material mined from the open pit rose 16% quarter-on-quarter to 16.0 million tonnes but ore production from the open pit declined 38% quarter-on-quarter to 2.6 million tonnes and achieved lower average grades, which Centamin said was also expected.
Throughput at the process plant was down 5% quarter-on-quarter to 2.5 million tonnes as some improvements were made to the design lifters and grates on the mill.
"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," said Andrew Pardey, chief executive of Centamin.
Centamin reiterated its full-year guidance for 2015 of 420,000 ounces of gold.
"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," said Pardey.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Centamin PLC