Centamin PLC: Results for the Quarter Ended 30 September 2013
PERTH, AUSTRALIA--(Marketwired - Nov 6, 2013) - Centamin PLC (LSE: CEY) (TSX: CEE)
LSE:CEY TSX:CEE For immediate release 6 November 2013 Centamin plc Results for the Third Quarter and Nine Months Ended 30 September 2013 Centamin plc ("Centamin" or "the Company") (LSE: CEY, TSX: CEE) is pleased to announce its results for the third quarter ended 30 September 2013. For the full announcement please click on the link below: rns-pdf.londonstockexchange.com 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 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 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: Centamin plc Josef El-Raghy, Chairman Andy Davidson, Head of Business Development +44 1534 828 708 and Investor Relations Buchanan Bobby Morse +44 20 7466 5000 Cornelia Browne Gabriella Clinkard 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 END
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