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Soz for the few typos most are predictive txts. I don’t think gold smells but I fear there is a whiff about our management
Well here it is, will the winners of the prediction game, please take their chips off the table and re-invest in CEY?
Highlights
· Group Lost Time Injury Frequency Rate ("LTIFR") in the second quarter ("Q2") of 0.23 per 200,000 workplace hours;
· Sukari Gold Mine ("Sukari") produced 117,913 ounces of gold in Q2, bringing production for the first half of the year ("H1") to 234,096 ounces and in line with the Company's 45:55 production weighted guidance split for the year; The stronger second half ("H2") is driven by higher grades from the open pit as Stage 4 mining progresses down through the Hapi Zone, as the open pit is scheduled to contribute approximately two thirds of the total H2 ounces;
· Centamin maintains annual guidance for 2019: gold production of 490,000 - 520,000 ounces, at cash costs(1) of US$675-725 per ounce produced and an AISC(1) of US$890-950 per ounce sold; The Company expects costs to trend downwards in line with the scheduled increased production profile in H2;
· Processing plant throughput of 3.4Mt of ore at an increased 96.1% utilisation rate;
· Excellent Horus Deeps exploration results, delineating multiple meaningful high-grade structures 400 metres below current 43-101 defined Sukari underground Reserve and Resource; intercept highlights: 29m @ 6.3g/t, including 11m @ 7.9g/t and 15m @ 6.2g/t; 1m @ 68.4g/t;
· Strong and flexible balance sheet with no debt, no hedging and cash and liquid assets(2) of US$326.6 million, as at 30 June 2019, after payment of US$34.6 million final dividend;
· Detailed Interim Results, including interim dividend, for the six months ended 30 June 2019, will be published on Wednesday 31 July 2019; and
· The Company will publish baseline near-term outlook for 2020 and 2021 on 31 July 2019.
The epxloration section caught my eye ....
·Excellent Horus Deeps exploration results, delineating multiple meaningful high-grade structures 400 metres below current 43-101 defined Sukari underground Reserve and Resource; intercept highlights:
29m @ 6.3g/t, including 11m @ 7.9g/t and
15m @ 6.2g/t;
1m @ 68.4g/t;
not to mention the nice set of numbers in Cote Ivoire
Q2 Significant Doropo Drill Intercepts
DOROPO
Elonex,
Well done; you were spot on in your call of 118.
Best wishes,
Prof
The optimist in me called 120-125 but 118 is still a good number and takes us to 234 for H1. Cey are reaffirming the 45/55 split H1/H2 so apply that to the 234 and you get 520 on the nose which is the very top end of their 490-520 forecast. This is both good in itself and suggests they could be holding back production, i.e. have some of their sleeve.
Wonder how the market will react - relief that they are still on track or has the market (like me) got greedy and expected even more?
Goldfinger and Goldgnome,
You both sound pretty upbeat on the Production update. I do hope you are representative of the market and it is off to the races for the SP today.
36 minutes and we will know.
Best wishes,
Prof
This sentence suggest that the figures would have been higher.
"Gold sold of 112,764 ounces, was 5% below gold produced due to timing of the closing weekly gold shipment."
So we should be off to a good start for the next quarter
Spot,
I read that as relating to the gold sold not the gold produced. As such the production figure will be unchanged by it but the revenue in this quarter will be lower than it would otherwise have been and we will get the boost you talk about in Q3 to revenue.
Prof
I am very interested in their set of exploration results in Ivory Coast. These sound like more confidence in the model, and a far more likely next mine being started in Ivory Coast, which is probably the best place ot be right now for gold exploration. My guess is there is still a lot of low hanging juiciy fruit in the Ivory Coast, and be great to be a producer, excellent beach front for West Africa Ops ....
Still waiting to see what they do in Burkina Faso, and a mining op friend told me they could make money outh of what they have got without doing any of the fancy met. I notice Capital Drilling (we all know who they are and their links with Centamin) have taken a cornerstone position in a very interesting gold company in Burkina Faso...Boromo Gold...so I get the feeloing that Centamins moving in pervasive ways in West Africa...stealthily...good luck to us all
the gnome
Also to bear in Mind is that the Average Gold Price
2019 Q1 = $1,305
2019 Q2 = $1,307
Its only since the last week of June has the Gold Price been $1400 and ABOVE.
So with significant INCREASE in production expected and a much higher Gold Price (currently $1421) Q3 results should be even BETTER
FTSE 250 gold miner Centamin reported a 1% rise in second-quarter production on the first quarter, reaching 117,913 ounces, and this figure was 27% higher on the year before. First half production rose 8% year-on-year to 234,096.Centamin has held all annual guidance for production and costs, and said the balance sheet remains strong with no debt