Highlights
• Group Lost Time Injury Frequency Rate (“LTIFR”) in the second quarter (“Q2”) of 0.23 per 200,000 workplace hours;
• Sukari Gold Mine (“Sukari”) produced 117,913 ounces of gold in Q2, bringing production for the first half of the year (“H1”) to 234,096 ounces and in line with the Company’s 45:55 production weighted guidance split for the year; The stronger second half (“H2”) is driven by higher grades from the open pit as Stage 4 mining progresses down through the Hapi Zone, as the open pit is scheduled to contribute approximately two thirds of the total H2 ounces;
• Centamin maintains annual guidance for 2019: gold production of 490,000 – 520,000 ounces, at cash costs(1) of US$675-725 per ounce produced and an AISC(1) of US$890-950 per ounce sold; The Company expects costs to trend downwards in line with the scheduled increased production profile in H2;
• Processing plant throughput of 3.4Mt of ore at an increased 96.1% utilisation rate;
• Excellent Horus Deeps exploration results, delineating multiple meaningful high-grade structures 400 metres below current 43-101 defined Sukari underground Reserve and Resource; intercept highlights: 29m @ 6.3g/t, including 11m @ 7.9g/t and 15m @ 6.2g/t; 1m @ 68.4g/t;
• Strong and flexible balance sheet with no debt, no hedging and cash and liquid assets(2) of US$326.6 million, as at 30 June 2019, after payment of US$34.6 million final dividend;
• Detailed Interim Results, including interim dividend, for the six months ended 30 June 2019, will be published on Wednesday 31 July 2019; and
• The Company will publish baseline near-term outlook for 2020 and 2021 on 31 July 2019.
Andrew Pardey, CEO, commented:
“The outlook for the business continues to improve. We remain focused on delivery against our promises and our corporate strategy. Stronger production in the second half will be driven by mining open pit grades above 1g/t, as the Stage 4 pit progresses down into the Hapi Zone.
With continued improvement in the business, the Company is growing its core technical competencies, through recruitment and ongoing development of its people.
We have a portfolio of attractive organic opportunities within Sukari and continue to deliver successful results from our Cote d’Ivoire exploration programmes. Our balance sheet is strong with no debt, no hedging and cash and liquid assets of US$327 million. We are confident in our plans to maximise shareholder value and returns.”
see & read more on
https://www.centamin.com/~/media/Files/C/Centamin/documents/reports/2019/CEY%20RNS_%202Q19%20Quarterly_FINAL.pdf |
