Sunday, March 27, 2016

Centamin - CEE.t

Centamin - CEE.t is a mineral exploration, development and mining company.

Production was 439,072 oz in 2015 at AISC of $ 842

On March 21, 2016 the company released numbers.

"Operational Highlights
• Production of 439,072 ounces, a 16% increase on 2014 and within the revised guidance range. Q4 2015 production of 117,644 ounces was within Sukari’s target annualised rate of 450,000 to 500,000 ounces.
• Cash operating costs of US$713 per ounce was down from US$729 per ounce in 2014, mainly due to lower fuel prices, although marginally above guidance US$700 per ounce despite higher production than originally forecast.
• All-in sustaining costs (AISC) of US$885 per ounce was below our original forecast of US$950 per ounce, mainly due to the re-scheduling of certain sustaining capital cost items, as well as the higher production.
• Process plant reached minimum expected long-term rate of 11 million tonnes per annum in Q4 2015.
• Record mining rates from open pit (up 28% on 2014) and underground (up 20% on 2014).
• 2016 guidance of 470,000 ounces gold at US$680 per ounce cash cost of production and US$900 AISC
• Sukari total Mineral Reserve estimate of 8.8 Moz, up 7% from 8.2 Moz at 30 September 2013.
Continued positive results from underground drilling support our expectation for further reserve
• Exploration in Burkina Faso and Côte d’Ivoire outlined areas with potential for near-surface and highgrade economic mineralisation. These prospects will be targeted for resource growth during 2016.
Financial Highlights
• EBITDA US$152 million, down 8% on 2014, due to lower gold prices and also changes in production inventories.
• Basic earnings per share 4.51 US cents, down 37% on prior year, impacted by a US$6.3 million write-off following termination of exploration in Ethiopia and a US$6.8 million Australian tax charge on foreign exchange gains.
• Centamin remains debt-free and unhedged with cash, bullion on hand, gold sales receivable and
available-for-sale financial assets of US$230.7 million at 31 December 2015; a material increase on prior year US$162.8 million.
• Proposed final dividend of 1.97 US cents/share; total 2015 dividend payout of 2.94 USc/sh (c.US$33.7 million).