Gold mining company Centamin Egypt announced Wednesday preliminary production results for the third quarter of 2016 from Sukari Gold Mine.
The preliminary total gold production at Sukari Mine recorded 148,674 ounce, making a 6 percent increase on the previous quarter and 41 percent rise year-on-year.
The FTSE 250 firm said quarterly throughput at the process plant was 2,806kt, a 4% decrease on the previous quarter and in excess of its base case target rate of 11 million tonnes per annum.
Open pit total material movement increased 7% on the previous quarter to 16,191kt, and open pit ore production decreased by 14% to 2,936kt at an average mined grade of 1.06g/t.
The average head grade to the plant from the open pit was 1.14g/t, and the run of mine ore stockpile balance increased by 157kt to 1,169kt at the end of the period.
Centamin said the underground operation delivered 255kt of ore, in line with the previous quarter, at an average mined grade of 9.0g/t.
Productivity remained above the board’s forecast rate of one million tonnes per annum at 6g/t, and ore from stoping was 153kt at 8.8g/t, with ore from development reaching 103kt at 9.2g/t.
“Centamin delivered another solid quarter from the Sukari operation, bringing year to date total production to 414,249 ounces of gold,” said Centamin CEO Andrew Parley.
“Ore throughput rates at the processing operation were stable, consolidating the improvements delivered over previous quarters and remaining above our base case forecast rate of 11Mtpa.”
Parley said the open pit delivered an increase in total material movement and the underground mine continued to deliver both tonnes and grade in excess of the board’s base case forecast.
“We expect full year 2016 production to be towards the upper end of our guidance range of between 520,000 and 540,000 ounces.”
Source: ShareCast News