Centamin PLC: Results for the Quarter Ended 30 September 2013
PERTH, AUSTRALIA -- (Marketwired) -- 11/06/13 -- Centamin PLC (LSE:
CEY) (TSX: CEE)
For immediate release 6 November 2013
Centamin plc Results for the Third Quarter and Nine Months Ended 30
Centamin plc ("Centamin" or "the Company") (LSE: CEY, TSX: CEE) is
pleased to announce its results for the third quarter ended 30
For the full announcement please click on the link below:
HIGHLIGHTS IN Q3 2013 (1) (2) (3) (4) (5)
- Gold production 84,757 ounces, down 9% quarter-on-quarter and
up 39% on the prior year period.
- Basic earnings per share 2.72 cents; down 43% on Q2 2013 and
down 51% on the prior year period.
- EBITDA US$43.1 million; down 32% on Q2 2013 and down 36% on the
prior year period.
- US$11.9 million write down in relation to the investment in
Nyota Minerals Ltd.
- Cash cost of production of US$693 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 fourth
quarter of 2013. Expenditure to date is US$318.3 million of the total
unchanged forecast of US$325 million, including contingency, with the
remaining balance to continue to be funded from cost recoveries.
- Operations are well placed to exceed full year 2013 guidance,
provided on 14 March 2013, of 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$156.4 million as at 30 September 2013.
- An updated resource and reserve statement is planned during the
fourth quarter of 2013.
- Exploration results at Sukari and in Ethiopia continue to
justify further drilling.
- Entry into a joint venture with Alecto Minerals plc in relation
to Alecto's exploration licences in Ethiopia.
- The Supreme Administrative Court appeal and Diesel Fuel Court
Case are both ongoing. Operations continue as normal and any
enforcement of the Administrative Court decision has been suspended
pending the appeal ruling.
Q3 2013 Q2 2013(1) Q3 2012 Q2 2012
Total Gold Production (oz) 84,757 93,624 60,922 67,422
Cash Costs of Production(2) (US$/oz) 693(3) 690(3) 724(4) 729(4)
Average Sales Price (US$/oz) 1,329 1,364 1,679 1,599
Revenue (US$ million) 120.1 134.3 103.1 96.8
EBITDA(2) (US$ million) 43.1(3) 63.7(3) 67.0 55.4
Basic EPS (cents) 2.72(3) 4.75(3) 5.53 3.87
(1) Results and highlights for the first quarter ended 31 March
2013 and second quarter ended 30 June 2013 are available at
(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 page 22
(3) Basic EPS, EBITDA, Cash Costs of Production includes an
exceptional provision against prepayments recorded in Q4 2012,Q1 2013,
Q2 2013, and Q3 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
Josef El-Raghy, Chairman of Centamin, said: "The third quarter saw
another strong performance on several fronts most notably a further
increase in both tonnes mined from underground and total process plant
throughput. Whilst we expect some impact in Q4 on plant throughput from
the commencement of Stage 4 commissioning activities, we are now well
placed to exceed our initial full year 2013 guidance of 320,000 ounces,
provided on 14 March 2013."
Centamin will host a conference call on Wednesday, 6 November 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: 95157185
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: 95164290
For more information please contact:
Josef El-Raghy, Chairman
Andy Davidson, Head of Business Development +44 1534 828 708
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
("Sheba"), four mineral licences in Ethiopia where it is conducting
further exploration activities. In addition, Centamin currently has a
14.4% shareholding in Nyota Minerals Ltd ("Nyota"), which owns the Tulu
Kapi advanced exploration project in Ethiopia.
In September 2013, the Group entered into a joint venture with Alecto
Minerals plc ("Alecto") to pursue existing and new opportunities
identified by Alecto in Ethiopia. The initial joint venture projects
relate to two exploration licenses, Wayu Boda and Aysid Meketel.
This information is provided by RNS
The company news service from the London Stock Exchange
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