Informe del segundo trimestre de 1
18 de abril de 2024
centamin plc
("Centamin", "Grupo" o "la Compañía")
LSE: CEY / TSX: CEE
Informe trimestral
para los tres meses terminados el 31 de marzo de 2024
MARTIN HORGAN, CEO, commented: "El scheduled processing of lower-grade ore from the open pit, alongside the planned underground ventilation upgrades and mill maintenance during Q1 contributed to slightly lower production year-on-year ("YoY"). Our commitment to cost control meant our AISC on an absolute basis decreased 3% quarter-on-quarter ("QoQ") and 6% YoY; albeit the lower production coupled with the timing of gold sales resulted in a temporary increase in reported unit costs. With improved ventilation and the processing of lower grade open pit ore substantially completed during Q1, we expect production rates to now increase for the balance of the year and reaffirm our 2024 production and cost guidance ranges.
We continue to advance organic growth opportunities within our portfolio. We are actively following up on the recent exploration successes from our Eastern Desert Exploration ("EDX") drilling programme and are progressing well towards completion of the DFS for the Doropo project in Cote d'Ivoire by mid-year."
DESTACADOS
● | Group safety record of 12.5 million hours worked without a lost time injury ("LTI"). Regrettably, late in the quarter we recorded our first LTI in twelve months at the Sukari Gold Mine ("Sukari"). The lost time injury frequency rate ("LTIFR") for the three months to 31 March 2024 ("Q1") was 0.32 per one million hours worked. The Group's total recordable injury frequency rate ("TRIFR") for Q1 was 1.28 per one million hours worked. |
● | Certificación ISO 45001 achieved, providing external validation for Sukari's occupational health and safety ("OHS") management system. |
● | Gold production of 104,821 ounces ("oz"), and gold sales 92,494 oz from the Sukari Gold Mine ("Sukari"), with 19,241 oz of gold bullion on hand, which was sold at the start of the second quarter. |
● | Cash costs of US$1,088/oz produced, y All-in sustaining costs ("AISC") of US$1,519/oz sold, based on 92,494 ounces sold, noting that on an absolute basis AISC was US$9 million lower QoQ. |
● | Doropo Environmental and Social Impact Assessment ("ESIA") submitted to the Cote d'Ivoire government, which alongside the DFS, will form the basis for the mining license application in mid-2024. |
● | Capital expenditure ("capex") of US$46 million, including raising TSF2, open pit and underground fleet purchases, equipment rebuilds, underground ventilation upgrades and waste mining. |
● | Balance sólido: cash and liquid assets of US$167 million, as at 31 March 2024 and total liquidity of US$317 million including the undrawn US$150 million sustainability-linked revolving credit facility. |
RESUMEN DE RESULTADOS
Q1 2024 | Q1 2023 | % Δ | Q4 2023 | % Δ | |
SEGURIDAD |
| ||||
Grupo LTIFR (1m horas) | 0.32 | 0.31 | 3% | 0.00 | - |
Group TRIFR (1m hours) | 1.28 | 2.77 | - 54% | 0.97 | 32% |
PISO ABIERTO |
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|
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Material total extraído (kt) | 31,772 | 32,998 | - 4% | 32,229 | - 1% |
Mineral extraído (kt) | 6,231 | 3,273 | 90% | 5,401 | 15% |
Ley de mineral extraído (g / t Au) | 0.63 | 0.87 | - 28% | 0.67 | - 6% |
UNDERGROUND |
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Mineral extraído (kt) | 230 | 236 | - 3% | 301 | - 24% |
Ley de mineral extraído (g / t Au) | 3.20 | 4.02 | - 20% | 4.31 | - 26% |
| Q1 2024 | Q1 2023 | % Δ | Q4 2023 | % Δ |
PROCESSING |
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Mineral procesado (kt) | 3,066 | 3,006 | 2% | 3,152 | - 3% |
Grado de alimentación (g / t Au) | 1.12 | 1.2 | - 7% | 1.35 | - 17% |
Recuperación de oro (%) | 87.66 | 88.8 | - 1% | 89.1 | - 2% |
Producción de oro (oz) | 104,821 | 105,875 | - 1% | 128,127 | - 18% |
COSTO Y VENTAS |
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Oro vendido (oz) | 92,494 | 107,661 | - 14% | 133,465 | - 31% |
Cash costs (US$000) | 114,041 | 99,205 | 15% | 117,236 | - 3% |
Costos directos (US $ / oz producida) | 1,088 | 937 | 16% | 915 | 19% |
AISC (US$000) | 140,453 | 145,127 | - 3% | 149,481 | - 6% |
AISC (US $ / oz vendido) | 1,519 | 1,348 | 13% | 1,120 | 36% |
Precio del oro realizado (US $ / oz) | 2,062 | 1,902 | 8% | 1,983 | 4% |
Los financieros |
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Ingresos (miles de dólares estadounidenses) | 190,984 | 205,226 | - 7% | 264,710 | - 28% |
Gastos de capital (US$'000) | 46,040 | 53,842 | - 14% | 37,868 | 22% |
Free Cash Flow (US$'000) | 10,345 | 36,501 | - 72% | -13,905 | 174% |
OUTLOOK - Orientación sin cambios
● | Gold production guidance range of 470,000 to 500,000 oz per annum weighted towards H2 |
● | Cost guidance: ○ Cash cost guidance range of US$700-850/oz produced ○ AISC guidance range of US$1,200-1,350/oz sold ○ Guidance reflects a range of diesel prices from 75-90 US cents per litre |
● | Adjusted capex guidance is US$215m, including: ○ US$112m of sustaining capex ○ US$103m of non-sustaining capex, of which US$58m is allocated to growth projects that are funded from Centamin treasury and cost recovered over three years ○ Adjusted capex excludes US$91m of sustaining deferred stripping reclassified from operating costs as per IFRIC 20 |
HITOS CLAVE
● | Doropo Project, Cote d'Ivoire, completed DFS (mid-2024) |
● | Accelerated waste-stripping programme completion (Q2-2024) |
● | EDX exploration update (H2 2024) |
● | Sukari 50MW grid connection project construction (H2 2024) |
● | Completion of Solar Expansion Study (H2 2024) |
WEBCAST
The Company will host a webcast today, Thursday, 18 April at 08.30 BST where the senior executives will discuss the results, followed by an opportunity to ask questions.
Enlace de webcast: https://www.lsegissuerservices.com/spark/Centamin/events/cf209c2f-3aea-42b2-bc7c-a6d32d8775bd
Please allow a few minutes to register
Print friendly version of the quarterly results: https://www.centamin.com/investors/results-reports/
ACERCA DE CENTAMIN
Centamin es un productor de oro establecido, con cotizaciones premium en la Bolsa de Valores de Londres y la Bolsa de Valores de Toronto. El activo emblemático de la Compañía es la mina de oro Sukari ("Sukari"), la primera y más grande mina de oro moderna de Egipto, así como una de las minas de mayor producción del mundo. Desde que comenzó la producción en 2009, Sukari ha producido más de 5.7 millones de onzas de oro y hoy tiene una vida útil proyectada para 2035.
Through its large portfolio of exploration assets in Egypt and Cote d'Ivoire, Centamin is advancing an active pipeline of future growth prospects, including the Doropo project in Côte d'Ivoire, and over 3,000km2 of highly prospective exploration ground in Egypt's Arabian Nubian Shield.
Centamin practica actividades mineras responsables, reconociendo su responsabilidad de brindar un desempeño operativo y financiero y crear un beneficio mutuo duradero para todas las partes interesadas a través de una buena ciudadanía corporativa.
PARA MÁS INFORMACIÓN please visit the website www.centamin.com or contact:
centamin plc
Michael Stoner, director corporativo
Consultoría FTI
Ben Brewerton/Sara Powell/Nick Hennis
+442037271000
HEATH AND SAFETY
At Sukari there were two significant achievements during the quarter. Firstly, surpassing a new LTI (Lost Time Injury) free record of 12.5 million hours, outperforming the previous benchmark of 9.8 million hours established in March 2023. Secondly, achieving external accreditation of our Occupational Health and Safety (OHS) management system under ISO 45001:2018 standards, demonstrating our commitment to prioritising the health and safety of our workforce and stakeholders.
In Q1, there was one lost time injury ("LTI") resulting in a Group LTIFR of 0.32 per 1,000,000 site-based hours worked. The total recordable injury frequency rate ("TRIFR") for Q1 was 1.28 per 1,000,000 site-based hours worked.
MINA DE ORO DE SUKARI, EGIPTO
(T1 2024 frente a T1 2023)
Producción
Sukari Gold Mine ("Sukari") produced 104,821oz in Q1, a 1% decrease YoY.
Production guidance range for 2024 remains 470,000 to 500,000 ounces.
Minería a cielo abierto
Total material moved (waste and ore) in Q1 decreased by 4% YoY to 31.8Mt.
Total open pit waste material mined (owner and contractor) for Q1 was 25.5Mt, a 14% decrease YoY, predominantly due to the reclassification of material from Stage 7 scheduled to be waste to low-grade ore. This reclassification of waste to ore also resulted in a reduction in the strip ratio and grade per tonne. The strip ratio for Q1 was 4.1:1 (waste:ore).
The ongoing contractor waste-stripping programme mined 7.9Mt, with 93% of the fixed volume contract mined to date, and completion expected during Q2.
During Q1, open pit ore was mined from multiple working areas with ore processed sourced primarily from Stage 5 and 7. Lower-grade ore mined from Stage 7 was primarily sent to the dump leach or stockpiled. Total open pit ore mined for Q1 was 6.2Mt, a 90% increase YoY, at an average mined grade of 0.63 g/t Au reflecting the 1.8Mt of additional low-grade ore mined from Stage 7 during the quarter. During 2024, we anticipate continued conversion of waste to ore in Stage 7; however, we currently project that this conversion rate will be lower than the levels seen in Q1.
Minería subterránea
Total material mined (waste and ore) in Q1 was 357kt, a 4% increase YoY. Total ore mined was 230kt at an average combined (stoping and development) grade of 3.20g/t Au. This represented a 4% increase in ore tonnes YoY and a 20% decrease in grade YoY. During the quarter upgrades were made to the primary ventilation including the installation of additional fans to increase airflow in both the Amun/Horus and Ptah regions of the mine and facilitate the planned underground expansion. Whilst this lead to a reduction in material moved QoQ, we expect this to increase over the balance of the year.
The underground ore mined consisted of 162kt of ore mined from stopes at an average grade of 3.33g/t Au, and 68kt of ore mined from development, at an average grade of 2.87g/t Au.
Procesamiento
During Q1, the plant processed 3.0Mt of ore, a 2% increase YoY, at an average feed grade of 1.12 g/t Au, a 7% decrease YoY. There were several key maintenance projects scheduled for the quarter, including mill relining, which were completed successfully with no unplanned disruption to throughput.
The metallurgical gold recovery rate was 87.7% for the quarter, a 1% decrease YoY, driven by the oxide material and lower feed grade.
During the quarter, the closing stockpile balance was 21.0Mt at a grade of 0.47g/t Au.
PROYECTOS DE EXPLORACIÓN
The total expensed exploration and development spend for the quarter was US$6 million.
In 2024, budgeted Group exploration spend (expensed) is US$23 million, including US$14 million to complete the Doropo DFS, ESIA, permitting and financing assessment, and US$9 million for EDX exploration.
Doropo Gold Project (Cote d'Ivoire)
Work at Doropo continued to progress well, notably with submission of the draft ESIA report to government for approval and permitting. Community consultation continues in parallel alongside the commencement of a suite of pilot livelihood improvement projects.
DFS work included; preliminary whittle shell selection and ongoing cost estimates using the mining contactor submissions, metallurgical test work and infrastructure and flowsheet design finalisation, and completion of hydrology, sterilisation and geotechnical drilling.
The DFS remains expected to be completed by mid-2024.
Exploración del desierto oriental ("EDX") (Egipto)
In the Nugrus block surrounding the Sukari Mining Concession, detailed mapping of Little Sukari and Umm Majal was completed, alongside the initiation of ground-based geophysics consisting of induced polarisation ("IP") and magnetic surveys over these targets. Additionally, a contractor has been selected for the second phase of drilling, scheduled to commence in Q2. In the Um Rus block, follow-up work on soil and rock chip samples from BLEG anomalies was completed. Finally, in the Nadj block, a remote camp was established, and the BLEG sampling program was successfully concluded with the collected samples being prepared for analysis in overseas laboratories.
The EDX exploration update remains expected H2 2024
VENTAS Y COSTOS
Gold sales for the quarter were 92,494 oz, a 14% decrease YoY. However we closed the period with 19,241 oz of gold bullion on hand which was sold at the start of the second quarter. The average realised gold price for the quarter was US$2,062/oz, up 8% YoY. Revenues generated were US$191.0 million, a 7% decrease YoY, driven by lower gold sales partially offset by a higher realised gold price.
Unit cash costs of production were US$1,088/oz produced, a 16% increase YoY. The AISC of US$1,519/oz Au sold, a 13% increase YoY, reflected the lower gold sales. In absolute terms, AISC decreased both YoY and QoQ, by US$5 million and US$9 million respectively.
GASTO DE CAPITAL
Key capital projects progressed as scheduled during Q1, including the TSF2 embankment raise, the north dump leach expansion, underground ventilation upgrades - namely the installation of additional fans, underground and open pit equipment purchases and the ongoing waste-stripping programme which remains on track for completion during Q2.
(Millones de dólares EE.UU.) | Q1-24 | 2024 Dirección |
SUSTAINING CAPEX |
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Desarrollo de minas subterráneas | 8 | 53 |
Equipment rebuilds (60% funded from treasury) | 7 | 44 |
Other sustaining capex | 9 | 15 |
Total adjusted sustaining capex | 24 | 112 |
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NON-SUSTAINING CAPEX | ||
Growth capex (funded from treasury) including grid connection, fleet replacement and exploration | - | 58 |
Contrato de desmonte capitalizado | 19 | 36 |
Otro gasto de capital no sostenido | 3 | 9 |
Total non-sustaining capex | 22 | 103 |
TOTAL ADJUSTED CAPEX (después de la reclasificación) | 46 | 215 |
Sustaining element of open pit waste stripping capitalised from opex1 | - | 91 |
GROSS CAPEX | 46 | 306 |
1Reclassified from operating expenditure, from 2021, the Company implemented a more granular methodology to the accounting and classification of waste-stripping costs, in line with IFRS accounting standards. As such, there is an accounting reclassification of open pit waste mining costs, resulting in a reduction in total cash costs with a corresponding equal increase in the sustaining expenditure and therefore AISC, with no impact on net cash flow
SITUACIÓN FINANCIERA
Balance
Under the terms of the Sukari Concession Agreement, the Egyptian government earned US$6 million in royalty payments and alongside Centamin received an equal US$21 million in profit share payments during the quarter. After Sukari profit share distribution, Group exploration expenditure and corporate investing activities, the free cash flow for the quarter was US$10.3 million.
Balance
Centamin is in a strong financial position, with net cash and liquid assets of US$167 million as at 31 March 2024. The Company has a US$150 million senior secured sustainability linked revolving credit facility ("RCF") which is available and undrawn.
Liquidez
31 de marzo de 2024 (Millones de dólares EE.UU.) | |
Dinero en mano | 103 |
Lingotes en mano | 43 |
Ventas de oro por cobrar | 22 |
Activos financieros a valor razonable con cambios en resultados* | 1 |
TOTAL EFECTIVO Y ACTIVOS LÍQUIDOS | 167 |
Sustainability-linked RCF (undrawn) | 150 |
LIQUIDEZ TOTAL | 317 |
*The financial assets at fair value through profit or loss relate to the open gold put options purchased by the Company in FY2022 as part of the gold price protection programme
RENUNCIA
Financieros:
Los puntos de datos financieros incluidos en este informe no están auditados.
Medidas que no son PCGA
Esta declaración incluye ciertas medidas de desempeño financiero que no son medidas GAAP. Estos incluyen costos de producción en efectivo, AISC, efectivo y activos líquidos y flujo de efectivo libre. La gerencia cree que estas medidas brindan información adicional valiosa para que los usuarios de los estados financieros comprendan el desempeño comercial subyacente. Las definiciones y la explicación de las medidas utilizadas junto con la conciliación con las medidas NIIF más cercanas se detallan en el Informe Anual 2023 de la Compañía www.centamin.com/investors/results-reports/.
Gasto de capital ajustado
Excluye el elemento de capital de mantenimiento del desmonte.
Gastos de exploración
Los gastos de exploración cubren todas las actividades de exploración, excepto el Contrato de Concesión de Sukari, y se registran como gastos en el período en que se incurren.
Efectivo y activos líquidos
El efectivo y los activos líquidos incluyen efectivo, lingotes disponibles, cuentas por cobrar por ventas de oro y activos financieros a valor razonable con cambios en resultados.
DECLARACIONES DE FUTURO
Este anuncio (incluida la información incorporada por referencia) contiene "declaraciones prospectivas" e "información prospectiva" según las leyes de valores aplicables (colectivamente, "declaraciones prospectivas"), incluidas declaraciones con respecto al desempeño financiero u operativo futuro. Dichos estados incluyen "información financiera orientada al futuro" o "perspectivas financieras" con respecto al desempeño financiero prospectivo, la posición financiera, el EBITDA, los flujos de efectivo y otras métricas financieras que se basan en supuestos sobre las condiciones económicas futuras y los cursos de acción. En general, estas declaraciones prospectivas pueden identificarse mediante el uso de terminología prospectiva como "cree", "espera", "espera", "presupuesta", "prevé" y "anticipa". e incluyen perspectivas de producción, cronogramas operativos, perfiles de producción, planes de expansión y expansión, ganancias de eficiencia, orientación de producción y costos, perspectivas de gastos de capital, gastos de exploración y otros planes mineros. Aunque Centamin cree que las expectativas reflejadas en tales declaraciones prospectivas son razonables, Centamin no puede garantizar que dichas expectativas resulten ser correctas. Las declaraciones prospectivas son de naturaleza prospectiva y no se basan en hechos históricos, sino más bien en las expectativas y proyecciones actuales de la administración de Centamin sobre eventos futuros y, por lo tanto, están sujetas a riesgos e incertidumbres conocidos y desconocidos que podrían causar que los resultados reales difieran materialmente. de los resultados futuros expresados o implícitos en las declaraciones prospectivas. Además, hay una serie de factores que podrían causar que los resultados, el desempeño, los logros o los desarrollos reales difieran materialmente de los expresados o implícitos en dichas declaraciones prospectivas; los riesgos e incertidumbres asociados con los impactos continuos de COVID-19 u otra pandemia, incertidumbres comerciales generales, económicas, competitivas, políticas y sociales; los resultados de las actividades de exploración y los estudios de viabilidad; supuestos en evaluaciones económicas que resulten inexactos; fluctuaciones monetarias; cambios en los parámetros del proyecto; precios futuros del oro y otros metales; posibles variaciones de la ley del mineral o tasas de recuperación; accidentes, disputas laborales y otros riesgos de la industria minera; condiciones climáticas; inestabilidad política; decisiones y cambios regulatorios promulgados por autoridades gubernamentales; retrasos en la obtención de aprobaciones o financiamiento o en la finalización de actividades de desarrollo o construcción; y descubrimiento de ruinas arqueológicas. Las perspectivas financieras y la información financiera ordenada en el futuro contenidas en este comunicado de prensa se basan en suposiciones sobre eventos futuros, incluidas las condiciones económicas y los cursos de acción propuestos, según la evaluación de la administración de la información relevante actualmente disponible. Se advierte a los lectores que cualquier perspectiva financiera o información financiera ordenada en el futuro contenida o referenciada en este documento puede no ser apropiada y no debe usarse para fines distintos de aquellos para los que se divulga en este documento. La Compañía y su administración creen que la información financiera prospectiva ha sido preparada sobre una base razonable, reflejando las mejores estimaciones y juicios de la administración a la fecha del presente, y representa, según el mejor conocimiento y opinión de la administración, el curso de acción esperado de la Compañía. Sin embargo, debido a que esta información es altamente subjetiva, no debe confiarse en ella como necesariamente indicativa de resultados futuros. No puede haber garantía de que las declaraciones prospectivas sean precisas, ya que los resultados reales y los eventos futuros podrían diferir materialmente de los anticipados en dicha información o declaraciones, particularmente a la luz del clima económico actual y la volatilidad, incertidumbre y disrupción significativas. causada por el brote de COVID-19. Las declaraciones prospectivas contenidas en este documento se realizan a la fecha de este anuncio y la Compañía renuncia a cualquier obligación de actualizar cualquier declaración prospectiva, ya sea como resultado de nueva información, eventos o resultados futuros o de otro modo.
LEI: 213800PDI9G7OUKLPV84
No de la empresa: 109180
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