Tuesday, August 14, 2012

Centamin PLC Q2 Results 2012

Results for the Second Quarter and Half Year Ended 30 June 2012


· Q2 gold production reached a record level of 67,422 ounces from the Sukari Gold Mine (“Sukari”), a 40% increase on Q2 2011

· Cash costs of US$565 per ounce (US$729 inclusive of fuel prepayments, see main text)

· Engagement on fuel subsidy ongoing

· Average gold sales price received of US$1,610 per ounce

· Underground mine achieved record quarterly ore production of 116kt, a 269% increase on Q2 2011

· Record mill utilisation of 89%, a 7% increase on Q2 2011

· Record mill throughput of 1,269kt, an increase of 49% on Q2 2011 with record monthly mill throughput in May of 453,457t

· Stage 4 (plant expansion to 10Mtpa) continues to progress well and is on track for commissioning to begin in Q1 2013. Expenditure to date is US$138.7 million

· With cash, bullion, gold sales receivable and liquid assets² of US$183 million as at 30 June 2012, Centamin remains debt-free and unhedged

· 2012 production guidance of 250,000 ounces maintained, with cash costs of US$550 per ounce at subsidised fuel prices

· Drilling continued at Una Deriam, the first of Centamin’s four exploration licenses in Ethiopia with drilling results expected in H2 2012

Josef El-Raghy, Chairman of Centamin, said: “Our team at Sukari has delivered a record quarter on tonnes mined from the underground and tonnes processed through the plant. Open pit tonnes mined increased significantly from Q1 as staged development in line with the optimised mine plan announced in May opened up additional mining faces. We have delivered our strongest operating quarter to date and remain on track to deliver our full year production guidance of 250,000 ounces.”

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