Centamin Results for Quarter Ended 30 June 2013
PERTH, AUSTRALIA -- (Marketwired) -- 08/14/13 -- Centamin PLC (LSE:
CEY) (TSX: CEE)
For immediate release 14 August 2013
Centamin plc Results for the Second Quarter and Half Year Ended 30 June
Centamin plc ("Centamin" or "the Company") (LSE: CEY, TSX: CEE) is
pleased to announce its results for the second quarter ended 30 June
These are not the full results - to access the full document please
HIGHLIGHTS IN Q2 2013 (1)(2)(3)(4)(5)
- Record gold production 93,624 ounces, up 8% quarter-on-quarter
and 39% on the prior year period.
- Basic earnings per share 4.75 cents; down 28% on Q1 2013 and up
23% on the prior year period.
- EBITDA US$63.7 million; down 22% on Q1 2013 and up 15% on the
prior year period.
- Cash cost of production of US$690 per ounce, in line with 2013
full year guidance of US$700 per ounce.
- Stage 4 plant expansion (to 10Mtpa) remains on track for the
bulk of commissioning to commence, and be completed, in the second half
of 2013. Expenditure to date is US$300.1 million of the total unchanged
forecast of US$325 million, including contingency, with the remaining
balance to continue to be funded from cost recoveries.
- 2013 guidance maintained at 320,000 ounces at a cash cost of
production of US$700 per ounce inclusive of fuel prepayments.
- Centamin remains debt-free and un-hedged with cash, bullion on
hand, gold sales receivables and available-for-sale financial assets of
US$169.4 million as at 30 June 2013.
- An updated resource and reserve statement is planned during the
second half of 2013.
- Exploration activities continued at Sukari and in Ethiopia with
results continuing to justify further drilling.
- The Supreme Administrative Court appeal and Diesel Fuel Court
Case are both ongoing. Operations continue as normal and any
enforcement of the Administrative Court decision has been suspended
pending the appeal ruling.
Q2 2013 Q1 2013(1) Q2 2012(5) Q1 2012(5)
Total Gold Production (oz) 93,624 87,016 67,422 49,071
Cash Costs of Production(2) 690(3) 556(3) 72
Average Sales Price (US$/oz) 1,364 1,604 1,599 1,683
Revenue (US$ million) 134.3 138.2 96.8 87.7
EBITDA(2) (US$ million) 63.7(3) 81.7(3) 55.4 55.2
Basic EPS (cents) (3) 4.75(3) 6.60(3) 3.87 4.61
(1) Results and highlights for the first quarter ended 31 March
2013 are available at www.centamin.com
(2) Cash cost of Production, EBITDA and cash, bullion on hand,
gold sales receivables and available-for-sale financial assets are
non-GAAP measures defined on pages 23 - 23
(3) Basic EPS, EBITDA, Cash Costs of Production includes an
exceptional provision against prepayments recorded in Q4 2012,Q1 2013
and Q2 2013 to reflect the removal of fuel subsidies which from January
2012 (see Note 4 of the Interim Condensed Consolidated Financial
Statements for further details)
(4) At full international fuel price (excluding fuel subsidy),
for comparative purposes to reflect the fuel price differential had the
prepayments been expensed during the period
(5) Q1 2012 and Q2 2012 Cash cost of production, EBITDA and
Basic EPS now restated to reflect adoption of IFRIC 20
Josef El-Raghy, Chairman of Centamin, said: "The second quarter saw
continued improvements in mining and processing productivity at the
Sukari operation which, combined with average grades in line with the
mine plan, delivered a third successive quarter of record output. With
commissioning activities likely to see reduced throughput in Q4 and the
benefit of additional Stage 4 throughput to be seen in 2014 our full
year guidance of 320,000 ounces remains unchanged."
Centamin will host a conference call on Wednesday, 14 August at 9.00am
(London, UK time) to update investors and analysts on its results.
Participants may join the call by dialling one of the following three
numbers, approximately 10 minutes before the start of the call.
From UK: (toll free) 08006940257
From Canada: (toll free) + 18669660399
From rest of world: +44 (0) 1452 555566
Conference ID: 18540483
A second call (Q&A only) will be held for North American analysts and
investors at 2.00pm (London, UK time) / 9.00am EST. Participants may
join the call by dialling one of the following three numbers,
approximately 10 minutes before the start of the call.
From Canada: (toll free) +18669660399
From US: (toll free) +18669669439
From rest of world: +44 (0) 1452 555566
Conference ID: 18571402
For more information please contact:
Josef El-Raghy, Chairman
Andy Davidson, +44 1534 828 708
Head of Business Development and Investor Relations
Bobby Morse +44 20 7466 5000
About Centamin plc
Centamin is a mining company that has been actively exploring in Egypt
since 1995. The Company's principal asset is its interest in the large
scale, low cost Sukari Gold Mine, located in the Eastern Desert of
Egypt. Sukari produced 150,000 ounces of gold in its maiden year of
production in 2010, consistently expanding thereafter to reach over
260,000 ounces in 2012. The 'Stage 4' plant expansion programme
commenced in 2011 to target 450-500,000 ounces per annum production
from 2015 onward.
The Sukari Gold Mine is the first large-scale modern gold mine in
Egypt. Centamin's operating experience in Egypt gives it a significant
first-mover advantage in acquiring and developing other gold projects
in the prospective Arabian-Nubian Shield.
In 2011 the Group acquired, through Sheba Exploration Holdings Limited,
four mineral licences in Ethiopia where it is conducting further
exploration activities. In addition, Centamin currently has a 19.4%
shareholding in Nyota Minerals Ltd, which owns the Tulu Kapi advanced
exploration project in Ethiopia.
This information is provided by RNS
The company news service from the London Stock Exchange
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