HomeGoldCentamin's Sukari 2017 gold production above guidance

Centamin’s Sukari 2017 gold production above guidance

“We are pleased to report a strong operational finish to 2017 with fourth quarter production of 154 298 oz, resulting in full year gold production of 544 658 oz, exceeding guidance of 540 000 oz,” says Centamin CEO, Andrew Pardey.

“All sections of the mine continued to perform well, maintaining strong operational momentum throughout the fourth quarter which we look forward to building on in 2018.

“With underground development expected to allow a further improvement in sustainable underground production rates, consistent open-pit mill feed grades and an increase in plant throughput, we look forward to delivering solid growth in 2018 with gold production guidance of 580 000 oz at a cash cost of US$555/oz and an AISC of $770/oz resulting in significant free cash flow for our shareholders.

“Sukari continues to demonstrate its world class nature with long‐term, large‐scale and sustainable low-cost production.

“Sukari’s growth remains anchored by the 20-year life of mine, bulk tonnage, open pit operation, with an expanding high‐grade underground operation.

“Our mineral reserve and resource update further supports our expectation for ongoing replacement of underground reserves over the coming years as development continues to extend along strike and at depth, as Centamin remains focused on unlocking Sukari’s true potential,” explains Pardey.

Preliminary production results

  • 2017 full year gold production was 544 658 oz, above guidance of 540 000 oz
  • Gold production for Q4, 2017 was 154 298 oz, a 1.4% reduction q-o-q and a 12.8% increase y-o-y
  • Record quarterly throughput from the processing plant of 3,072 Kt, a 2.5% increase q-o-q and 4.2% increase   y-o-y
  • Open pit total material movement was 17.6 Mt, a 5% reduction q-o-q and 12% increase y-o-y
  • Quarterly open pit ore production was 5,726 kt, at an average mined grade of 0.62 g/t. This included 2,064 kt at 0.32 g/t delivered to the dump leach pads. The average head grade to the plant from the open pit was  0.92 g/t
  • ROM ore stockpile balance increased by 742 kt to 2,178 kt, as at the end of the quarter
  • Underground operation delivered 298 kt of ore at an average mined grade of 8.8 g/t, a 1% reduction in tons    q-o-q and a 31% increase y-o-y
  • Underground ore from stoping was 168 kt at 9.27 g/t
  • Underground ore from development was 130 kt at 8.17 g/t

Feature image credit: Wikimedia