Q2 2014 (estimate) Q1 2014 Q2 2013 Total Material Movement - Open Pit (kt) 9,861 9,749 11,020 Open Pit Ore Production (kt) 1,795 2,325 2,961 Underground Ore Production (kt) 230 206 142 Process Plant Throughput (kt) 1,957 1,486 1,419 Process Plant Productivity (tph) 1,230 745 699 Gold Produced (oz) 81,281 74,241 93,624
Centamin is pleased to announce preliminary production results from its Sukari Gold Mine ("Sukari") in Egypt for the quarter ended 30 June 2014. Total gold production for the quarter was 81,281 ounces, a 9% increase on Q1 2014 and 13% lower than the corresponding quarter in 2013. Stage 4 commissioning is on-going and the expanded plant is set to deliver a steady lift in throughput during the second half of the year and, with underground average grades also set to improve, gold production levels are expected to progressively increase in the third and fourth quarters. Centamin therefore maintains its full year forecast of 420,000 ounces gold. Open pit total material movement increased 1% on the previous quarter, to 9,861kt. Open pit ore production decreased by 23% on Q1 2014 to 1,795kt. The run of mine ore stockpile balance decreased by 400kt to 1,141kt at the end of the period. Discussions continue with government departments in relation to increasing the daily usage of ammonium nitrate in order to increase open pit mining rates to the required level to feed the expanded plant. Centamin believes government approval is in its final stages. Record quarterly throughput at the process plant was 1,957kt, a 32% increase on Q1 2014, reflecting the commencement of ore treatment through the new Stage 4 plant circuit. Commissioning activities have proceeded well and continue to support a ramp-up to the expanded 10 million tonne per annum nameplate capacity during the second half of the year. The underground operation delivered a record 230kt of ore, up 12% on Q1 2014 and in line with planned mining rates. Whilst grades realised from development ore were lower than the forecast annual average, good progress has been made accessing additional higher grade stoping blocks, and hence the average grade from the underground mine is expected to increase during the coming months.
9% increase on q1 and 13% lower than corresponding quarter in 2013. 81,281 ounces
Could do but I see gold getting hit tomorrow as the Fed releases their minutes. Banks are net short gold futures which is usually a bad sign.
Absolutely right Nunquam. Gold is insurance and should be treated as such. If you are going to hold CEY as insurance, make sure you hold it in certificate form and not street name. Otherwise, like gold, if you don't hold it, you don't own it.
Gold may not make a lot of money at the moment, but unless someone comes up with a way of making it artificially, then I think it is a relatively safe haven in troubled times. I intent to hold Centamin long term. If the legal case is ever settled then a dividend would be nice.
RE: Committee for settling disputes - yet more committees! Is this not the sort of bureaucracy that we need to be getting away from! Wonder how this all sits with the ongoing IL challenges
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