December 17, 2017

Sukari gold mine posts increased output

Production at dual-listed Centamin’s Egypt-based Sukari gold mine increased by 39 percent year-on-year to a record 93 624 oz for the three months ended June 30, as the processing plant continues to see improvements in productivity and availability.

The higher output, which was an 8 percent improvement on that of the first quarter of the year, came on the back of a 4percent quarter-on-quarter increase in openpit material movement to 11.02million tonnes. Quarterly throughput at the Sukari process plant was a record 1.42-million tonnes, a 12 percent increase on the prior year period and a 1 percent increase on that of the first quarter. As a result, the plant exceeded its nameplate annualised rate of five-million tonnes for the second successive quarter.

Similarly, openpit ore production increased by 39 percent quarter-on-quarter to 2.96-million tonnes, which led to an increase in the run-of-mine ore stockpile balance from 432 000 t to 1.19-million tonnes at the end of the period. In addition, the underground mine delivered 142 000 t, up 19 percent on the first quarter.

Commenting on Centamin’s second-quarter performance, boutique investment bank Liberum Capital said the gold miner had done “exceptionally well” and had demonstrated that the political issues in the country were not currently affecting operations.

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