Centamin plc Unaudited Results for the Year Ended 31 December
2018, Annual Guidance and Proposed Final Dividend
PERTH, AUSTRALIA / ACCESSWIRE / February 25, 2019 / Josef El-Raghy, Chairman, commented: “Ten years ago, we produced our first gold bar from Sukari, a seminal milestone in the Company’s history and the Egyptian modern mining industry. Today, we have produced in excess of 3.8Moz of gold from Sukari, with greater than 15 years scheduled future production from this global Tier 1 gold asset.
This year, against an operationally challenging backdrop, Centamin produced 472,418 oz of gold, delivered a solid cost performance and returned excellent exploration results across our portfolio of assets. Our workforce responded to the operational challenges with dexterity and professionalism and, together with a new team in place, are confident in returning Sukari back to its full potential.
We recognise the impact of these short-term challenges on the shareholder experience and would like to take this opportunity to thank you for your support and engagement. Free cash flow generated was US$63.4 million, demonstrating the underlying resilience and financial robustness of the business. The Board of Directors would like to recommend a final dividend of 3.0 US cents (subject to AGM approval), bringing the 2018 total dividend to 5.5 US cents, equivalent to approximately 100% of free cash flow to shareholders.
Financial Highlights(1,2,3,4)
In accordance with Company dividend policy, proposed final dividend of 3.0 US cents per share (US$34.6 million) bringing 2018 total dividend to 5.5 US cents per share (US$63.5 million); equating to c.100% of free cash flow generated returned to shareholders;
· Revenue of US$603.2 million, an 11% decrease on 2017 (“YoY”), driven by gold sales of 484,322 ounces, a 10% decrease YoY; Average realised gold price of US$1,267 per ounce, largely unchanged YoY;
· Cash costs of production(1,2) of US$289.4 million, a 4% decrease YoY, driven by increase in stockpiles, further reduction in collective stores inventory and improved open pit productivity; collectively offsetting inflationary cost pressures from rising input costs, such as fuel and reagents, and increased consumption, as a result of increased volumes mined and processed;
· Unit cash cost (1,2) increased by 13% YoY to US$624 per ounce produced, in line with reduction in ounces produced;
· All-in sustaining costs (“AISC” (1,2)) of US$420.1 million, largely maintained YoY;
· Unit AISC(1,2) increased 12% YoY to US$884 per ounce sold, in line with reduction in ounces sold;
· EBITDA(1,2,4) of US$257.9 million, a 17% decrease YoY, predominantly driven by reduced volumes of production and increased operating costs;
· Profit before tax(4) of US$152.7 million, a 26% decrease YoY, due to the factors outlined above;
· Royalties of US$18.4 million payable to Arab Republic of Egypt (“ARE”) and profit share of US$76.4 million paid to Egyptian Minerals Resources Authority (“EMRA”), the Company’s government partners;
· Basic earnings per share (2,4) (“EPS”) of 6.5 US cents, a 22% decrease YoY, principally reflecting the scheduled ratchet from a 60:40 ratio to 55:45 (Centamin:EMRA) in the Sukari Gold Mine (“Sukari”) profit share mechanism from July 2018, as detailed under the terms of the Concession Agreement, and reduced production;
· Operational cash flow of US$223.4 million, a 34% decrease YoY, due to the factors mentioned above and a 7% increase in mine production costs driven by increased volumes of material moved;
· Free cash flow(1) generated of US$63.4 million in 2018, down 56% YoY, due to reduced volume produced and scheduled change in profit share economics;
· Cash and liquid assets(1,3) of US$322.3 million, at 31 December 2018, after distribution of the interim dividend of US$28.9 million (2.5 US cents per share) on 28 September 2018; and
· The Company remains debt-free and unhedged.
· The consolidated financial information for the year ended 31 December 2018 was approved for issue by the Board of directors of the Company on 25 February 2019. The consolidated financial information is unaudited but is derived from the Group’s full financial accounts, which are in the final stages of being audited.
Year ended 31 Dec
Year ended 31 Dec
units
2018
Q4 2018
Q3 2018
Q2 2018
Q1 2018
2017
Q4 2017
Gold produced
oz
472,418
137,600
117,720
92,803
124,296
544,658
154,298
Gold sold
oz
484,322
148,851
106,798
97,628
131,045
539,726
153,490
Cash cost of production
(1,2)
US$’000
289,394
82,579
70,874
64,630
71,312
301,706
69,965
Unit cash cost of production
US$/oz produced
624
609
619
714
581
554
453
AISC (1,2)
US$’000
420,116
118,911
92,056
102,211
106,939
426,466
114,247
Unit AISC (1,2)
US$/oz sold
884
809
889
1,073
825
790
744
Average realised gold price
US$/oz
1,267
1,235
1,206
1,298
1,328
1,261
1,278
Revenue
US$’000
603,248
181,730
125,127
123,929
172,462
675,510
190,413
EBITDA (1,2)
US$’000
257,934
79,460
48,746
45,774
83,954
309,197
99,298
Profit before tax(4)
US$’000
152,702
50,490
21,836
21,977
58,399
207,365
77,348
Basic EPS (2) (4)
US cents
6.50
1.69
0.93
1.32
2.56
8.38
3.78
Sustaining capex incl. Sukari exploration(4)
US$’000
96,779.0
21,090
21,812
28,798
25,079
87,167
28,421
Operating cash flow(4)
US$’000
223,404
73,439
27,303
37,247
85,415
337,093
106,566
Free cash flow (1) (4)
US$’000
63,429
28,652
(1,298)
1,594
34,481
145,551
49,060
Operational Highlights(1,2)
· Group Lost Time Injury Frequency Rate (“LTIFR”) of 0.06 per 200,000 workplace hours, a 76% reduction YoY, with two lost-time injuries, a reflection of our ongoing focus and commitment on health and safety;
· Sukari Gold Mine (“Sukari”) produced 472,418 ounces, a 13% reduction YoY;
· Record open pit material movement of 77.9Mt, an 10% increase YoY, including record open pit ore mined of 23.1Mt, a 44% increase YoY, as mining of the Stage 4 transitional zone was completed and progressed into the higher-grade sulphide material, the predominant source of ore from the open pit for the next three years;
· Open pit average milled grade was 0.76g/t, a 15% decrease YoY;
· The run of mine (“ROM”) ore stockpile increased from 2.18Mt (at 0.51 g/t) at 31 December 2017, to 12.22Mt (at 0.47g/t) at 31 December 2018, with 7.7Mt at 0.44g/t now classified as longer term stockpiles and including 1.6Mt at 0.37g/t expensed due to the change in stockpiles cut-off grade;
· Total underground ore mining of 1.24Mt, a 9% increase YoY, at an average mined grade of 5.69g/t, a 31% decrease YoY due to increased dilution from the cascading stopes in the Amun zone and increased tonnes of lower grade development ore;
· Cleopatra decline development completed 2,260 metres, delivering 185,333 tonnes of ore at an average mined grade of 1.74g/t, resulting in 8,959 ounces produced;
· The second long-hole drill rig (“LHDR”) is on site and commissioned; and
· Plant throughput of 12.6Mt, a 4% increase YoY, at a head grade of 1.26g/t, a 20% decrease YoY.
2019 Outlook(7)
· Gold production guidance of 490,000 – 520,000 ounces for 2019, with increased stripping in the open pit balanced by estimated higher average grades.
· Cash cost of production in 2019 are expected to be between US$675-US$725 per ounce produced and AISC between US$890-US$950 per ounce sold.
· Increase in forecast costs account for increased volumes scheduled to be mined from the open pit, including stripping for Stage 5. Going forward costs will benefit from existing and new cost optimisation initiatives, including the construction of a 40MW (AC) solar plant for which the feasibility design study is being prepared for Board approval.
· Open pit mining will continue predominantly in Stage 4, with grades improving towards the reserve grade throughout the first half (“H1”), with waste stripping to commence on Stage 5. Stripping ratio is expected to increase to 5.85:1.
· Underground mining is focussed in the lower Amun/Osiris flats and Ptah zone. A split of 75:25 stoping to development is expected.
· Guidance provided is annual. The mine plan schedules a progressive quarter on quarter performance, with the underground contribution largely consistent, and the open pit increasing as the grade improves with depth. The first quarter (“Q1”) is scheduled to be 105-115koz accounting for increased movement of waste material from Stage 4 and 5.
· Underground decline development scheduled to progress at the Cleopatra decline and Amun/Ptah decline, preparing access to future stoping and further exploration access to Bast and Top of Horus, supporting near and long-term growth upside.
· Capital expenditure of US$118 million, of which US$89.2 million is sustaining capital investment, including ongoing underground development and phased fleet rebuild programme. Capital expenditure for the solar farm and new TSF, remain subject to board approval, and therefore have not been included in published cost estimates.
· Following the exploration success of 2018, the Group exploration budget (sustaining and non-sustaining spend) of US$40 million is targeting reserve and resource expansion at Sukari underground, Doropo Project and ABC Project, while identifying new scalable targets for future exploration and growth upside.
1 2019 guidance is based on the following assumptions: average gold price of US$1,250/oz; Average oil price of diesel fuel oil at US$0.60/litre.
Exploration Highlights(4)
In 2018, the intensive exploration programme across the portfolio of assets, including a total 150,000 metres of drilling, delivered excellent results.
Group Mineral Resource and Reserve Update(5)
· The Group consolidated mineral resource has grown to 15.7Moz measured and indicated, a 5% increase on 2017 statements.
· Sukari measured and indicated mineral resource of 11.0Moz at 1.07g/t gold, a 6% decrease in contained metal and a 4% increase in grade, driven predominantly by mining depletion.
· Sukari proven and probable mineral reserves of 7.25Moz proven and probable, a 9% decrease, driven by mine depletion and increased cut-off, adjusting for higher input costs.
· Sukari open pit proven and probable reserves of 6.2Moz at 1.1g/t gold, underpinning greater than 15 years of sustainable production at current mining rates.
· Sukari underground:
o Successfully replaced reserves in excess of mining depletion and increased reserve grade by 11%: 4.4Mt at 5.6g/t gold for 0.8Moz of proven and probable reserves;
o 14% increase in measured and indicated resources, driven by 9% increase in tonnes and 5% increase in grade: 8.1Mt at 7.1g/t gold for 1.85Moz of measured and indicated resources; and
o 40% conversion to highest confidence category: 2.8Mt at 8.3g/t gold, for 0.77Moz of Measured resources, driven by a 47% increase in tonnes and a 6% decrease in grade.
· Doropo Project (as previously announced) mineral resource of 2.13Moz indicated and 0.8Moz inferred, a 58% increase in indicated ounces, driven by a 55% increase in resource tonnes to 50Mt at 1.31 g/t gold.
· ABC Project maiden mineral resource of 19.6Mt at 1.03 g/t gold for 650koz indicated, and 450koz inferred resource.
Exploration upside(6)
· Sukari updated reserve and resource effective date 30 June 2018. Continuous exploration throughout H2 returned very strong results and generated highly prospective target extensions to the existing Amun and Ptah underground:
o Drill highlights: 8m @ 180g/t
(outside R&R) 3m @ 428g/t
15m @ 18.5 g/t
1.2m @ 563g/t
3.6m @ 176g/t
· Delineated previously underexplored structures within the Cleopatra zone. Decline development and ore drives scheduled to progress c.2000 metres in 2019:
o Drill highlights: 1m @ 110.9g/t
4.2m @ 18.3g/t
2.5m @ 12.3g/t
7m @ 4.7g/t
4.2m @ 5.7g/t
· As announced on 15 February 2019, an increase on the Doropo Project 2017 maiden mineral resource by 58% to 2.13Moz indicated and 0.8Moz inferred resources and generated significant upside targets with the main structure open along strike and depth:
o Drill highlights: 18m @ 10.4g/t
4m @ 39.7g/t
13m @ 11.2 g/t
37m @ 6.4g/t
7m @ 23.4g/t
· Doropo Preliminary Economic Assessment and supporting viability studies are progressing on schedule for completion in early H2.
· As announced on 15 February 2019 the maiden resource of 650koz indicated and 450koz inferred resource declared at our greenfield project, ABC Prospect:
Drill highlights: 44m @ 2.5g/t
(outside resource) 7.8m @ 3.2 g/t
100m @ 0.8g/t
9m @ 2.7g/t
17m @ 2.6g/t
60m @ 1.2g/t
· 150,000 metres drilling budgeted for 2019 focusing on reserve replacement, resource expansion, unlocking further value from our portfolio by identifying scalable targets with potential to meet our growth and cost project objectives.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 relating to production guidance, Sukari reserve and resource information and dividend information.
___________________________________________________________________
(1) Cash cost of production,
AISC, EBITDA and cash, bullion on hand, gold sales receivables, financial
assets at fair value through other comprehensive income and free cash flow are
non-GAAP measures and are defined at the end of the Financial Review section.
(2) Basic EPS, EBITDA, cash
cost of production and AISC reflect a provision against prepayments to reflect
the removal of fuel subsidies which occurred in January 2012 (refer to note 8
of the financial information for further details).
(3) Cash and cash equivalents,
bullion on hand, gold sales receivables and financial assets at fair value
through other comprehensive income.
(4) The Group accounting
policy for Greenfield exploration expenditure, has been updated in line with
market practice. This has resulted in prior period results being restated.
Accordingly, YoY comparatives are on a consistent basis. For full details,
please refer to Note 1 of the financial information.
(5) Cut-off grades vary from
asset to asset. Please refer to the detailed mineral reserve and resource tables
with in the section Mineral Reserve and Resource Statements, including all
details of Qualified Persons and associated notes.
(6) This is a subjective
selection of intercepts for illustration. Please refer to the expanded drill
highlights tables found in the Exploration Review.
(7) 2019 guidance is based on
the following assumptions: average gold price of US$1,250/oz; Average oil price
of diesel fuel oil US$0.60/litre.
Results Conference Call
The Company will host a conference call to discuss the results with investors and analysts at 11.00 GMT/06.00 EST on 25 February 2019. Please find below the required access details. Where possible, please dial in 10 minutes before. The Results Presentation can be found on the Company website:
www.centamin.com/investors/presentations/2018 ahead of the call.
Participant code: 35168972#
UK Toll: +44 (0)3333 000 804
UK Toll Free: 0800 358 9473
Canada/US Toll: +1 631 913 1422
Canada/US Toll: +1 855 85 70686
The conference call will be made available for replay by 15.00 GMT on the website www.centamin.com/media/press-releases/2019.
For further information, please visit the website www.centamin.com or contact:
Centamin plc
Andrew Pardey, Chief Executive Officer
Alexandra Carse, Investor Relations
alexandra.carse@centamin.je
Buchanan
Bobby Morse
Chris Judd
centamin@buchanan.uk.com
Dear shareholders,
On behalf of the Board, herewith, I would like to present the 2018 results.
Purpose Driven Growth
Ten years ago, we produced our first gold bar from Sukari, a seminal milestone in the Company’s history and the Egyptian modern mining industry. Today, we have produced in excess of 3.8Moz of gold from Sukari, with greater than 15 years scheduled future production from this global Tier 1 gold asset.
I would personally like to thank our partners, the Egyptian Mineral Resource Authority (“EMRA”), for their support over the years – our shared vision of what we can, and have, achieved together is testament to the success of that partnership. Mining has yet to fulfil its true potential in Egypt, providing jobs, infrastructure, community opportunities, in addition to direct fiscal revenues through royalties and profit share. We look forward to continuing to work in partnership with EMRA to ensure Egypt develops its gold resources for future generations, delivering long-term economic growth to the benefit of the country and all of our other stakeholders.
2018 Performance
This year, against an operationally challenging backdrop, Centamin produced 472,418 oz of gold, beat cost guidance and returned excellent exploration results across our portfolio of assets. Our workforce responded to the operational challenges with dexterity and professionalism.
Throughout 2018, the Company was in regular communication with you, its shareholders, and the broader market to revise expectations in accordance with the operational challenges faced. We recognise the impact of these short-term revisions on the shareholder experience and would like to take this opportunity to thank you for your support and engagement. Together, we demonstrated the underlying resilience and financial robustness of the business and continued to make progress in delivering on our strategy.
Clear Strategy
Centamin’s core strategy remains focussed and consistent: deliver organic growth by optimising the performance of our existing operation, while progressing an active pipeline of future growth prospects through the discovery and development of orebodies that meet our operational and cost objectives. Stringent cost management and closely managed disciplined capital allocation has delivered another year of meaningful cash generated from operations of US$223.4 million.
During 2018, we successfully delivered on most of our strategic pillars: Financial Flexibility, Stakeholder Returns and Active Growth Pipeline objectives and made marked progress on Sustainability objectives. Operational developments in 2018 meant we could not deliver against all the objectives set within our Asset Quality strategic pillar. Solutions implemented throughout the year demonstrated good progress: we fully exited the transitional zone, a spare LHDR is on site and operational, and we continue to work through the factors driving increased dilution in the underground, demonstrated by quarter improvements. While this remains a core area of focus, we believe we have navigated the challenges and have the right strategy in place to deliver on our promises in 2019 and beyond.
Reliable Stakeholder
Returns
Centamin aims to generate tangible value for each of its stakeholders, thereby contributing to the socio-economic development of its host countries and supporting long-term sustainable operations to the benefit of its employees, partners and communities. The Group workforce consists of 1,500 direct employees, 94% are local to the country of the asset, and a further 840 contractors, of which 87% are employed locally. Operating and growing a regional hub-based approach lends itself to a cultural, ethnic and gender diverse workforce.
In 2018, Centamin generated and distributed a total US$99.6 million to our host country governments by way of profit share, royalties, tax and license fees, and a further US$40.8 million paid to employees in benefits and salaries. Throughout the year, proactive local engagement with the communities we operate within has been a critical process in ensuring we understand their needs to effectively develop and deliver mutually beneficial sustainable initiatives.
Our aggressive approach to managing the bottom line, and thereby maximising cash flow, resulted in free cash flow generation of US$63.4 million, after the aforementioned stakeholder returns, in spite of a 13% decrease in gold production. In line with the Company’s sustainable dividend policy, the Board of Directors are pleased to propose a final dividend for 2018 of 3.0 US cents per share, for shareholder approval at the upcoming Annual General Meeting (“AGM”). The Board returned US$28.9 million to shareholders as an interim dividend of 2.5 US cents per share. The proposed total dividend of 5.5 US cents per share, equal to US$63.5 million cash dividend pay-out for 2018 is equivalent to returning 100% of free cash flow to shareholders.
The Company is in a strong financial position with cash and liquid assets of US$322.3 million, as at 31 December 2018, and no debt or hedging in place. The Board continues to review capital allocation opportunities in line with the Company’s growth and cost objectives, We have a number of growth opportunities within our portfolio which we will progress until a stage we can measure them against our internal growth and cost objectives. The Company has a sustainable dividend policy in place, having returned US$418.7 million over the last five years (excluding the proposed 2018 final dividend) and regularly reviews alternative means of returning capital to shareholders.
Maintaining a Strong
Board for the Future
There has been a key focus throughout 2018 on succession planning and recruitment across the Group, not just at Board level. Routine review of the operational organisation structure and emphasis on professional development has resulted in multiple internal promotions and successful external recruitment, ensuring we have the right team to deliver our strategy. Sukari is operated from the ground, on a regional-hub approach, led by the General Manager. As Doropo continues to progress up the value-chain towards potential development, we are expanding the regional team ensuring we have the right people in place to deliver the next stage.
At the Board level, we are delighted to welcome Dr Ibrahim Fawzy as an independent Non-Executive Director. Dr Fawzy is a pioneer who has been responsible for driving and developing Egyptian industry reform through the wide range of senior positions he has held over many years. His extensive experience within the public and private sectors will be an excellent complement to the corporate strategy and the strength of our existing balanced, multi-disciplinary Board.
In March, Trevor Schultz stepped down from the Board having been with the Company for twelve years, much of which was successfully leading the phased construction of Egypt’s first modern mechanised gold mine. We wish him well in his future endeavours and look forward to preserving his legacy as we continue to maximise operational efficiency of Sukari’s infrastructure, as delivered in 2018 with the plant throughput in excess of design capacity and improved recoveries.
Succession planning will continue with vigour into 2019, maintaining a strong Board for the now and the future. The Nomination Committee is actively pursuing the further appointment of three independent non-executive directors, specifically with technical and capital market expertise. In particular, one individual who will succeed myself, as non-executive chairman, guiding the Board, Management and Company forward in achieving the future decade of milestones.
Material Upside
We start the tenth year of commercial production with an increased production outlook of 490,000 – 520,000 ounces, as we are actively working through the outstanding factors impacting underground dilution at Sukari. These actions include the installation of a Cemented Hydra Fill plant, which will be used to stabilise the stoping voids and reduce the impact of dilution through cascading.
In 2018, we were able to contain our cost pressures on an absolute basis; however, in 2019 we forecast an 11% increase in cash costs per ounce and a 5% increase in all-in sustaining costs per ounce. This is largely driven by increasing input costs, due to the increased volumes in both mining and processing, as well as rising fuel, reagent and consumable prices. The Company is in the final stages of a detailed design and feasibility study for a solar farm that could ultimately produce c. 40MW(AC). Once installed, this will deliver significant cost saving and environmental benefits, reducing our reliance on fossil fuels.
This year we grew our global resource by 5% to 15.7Moz, predominantly driven by increased contribution from our Cote d’Ivoire assets. Sukari underground reserves were replaced in excess of mining depletion, delivering on our primary underground exploration objective. We remain confident in delivering further Group reserve and resource growth supported by consistent investment into exploration, potentially shaping future development prospects outside of Egypt as well as defining additional sources of high-grade tonnes at Sukari.
Corporately we always look for an opportunity to increase our landholding within the underexplored Arabian Nubian Shield, leveraging off of our established in country foundation, workforce, resources and technical expertise. Centamin, through the construction and operation of Sukari has attracted in excess of US$1 billion in foreign investment into Egypt, the success of which makes us the largest direct financial investor in mining. We continue to work closely with EMRA and would support fiscally fair and commercial terms to unlock Egypt’s resource potential and attract more foreign investments, for the benefit of the country.
We welcome you to attend the AGM, which will be held in Jersey on 8 April 2019. The AGM result in 2018 required immediate action by the board and a consultation process was undertaken with shareholders and proxy advisory groups to address their concerns and understand the reasons for the significant votes cast against the members of the remuneration committee and the remuneration policy/report. Following that review process and taking account of feedback following the consultation process, the board are pleased to recommend the approval of the updated remuneration policy, remuneration report and performance share plan to shareholders at the forthcoming AGM in April 2019.
By order of the board for and on behalf of Centamin plc.
Josef El-Raghy
Chairman
25 February 2019
Final Dividend
In accordance with Centamin’s dividend policy, the Board of Directors propose to pay a Final Dividend of 3.0 US cents per ordinary shares, equal to US$34.6 million. This would bring the 2018 total dividend to 5.5 US cents per ordinary shares, totalling US$63.5 million, which is equivalent to returning approximately 100% of free cash flow generated to shareholders.
The Final Dividend will be paid on 13 May 2019 to shareholders on the register on the Record Date of 23 April 2019. The Final Dividend will be paid in US Dollars (“USD”), with an option for shareholders to elect to receive the dividend in Pounds Sterling (“GBP”). Currency elections should be made no later than 29 April 2019 with further details of how to do so on the Company’s website http://www.centamin.com/investors/shareholder-services/dividend-information. Payments in GBP will be based on the USD/GBP exchange rate on 30 April 2019 and the rate applied will be published on the website on the 1 May 2019.
London Stock Exchange and Toronto Stock Exchange (T+2)
EX-DIV DATE: 18 April 2019
RECORD DATE: 23 April 2019
LAST DATE FOR RECEIPT OF CURRENCY ELECTIONS: 29 April 2019
PAY DATE: 13 May 2019
The Company’s total issued share capital is 1,154,722,984 ordinary shares.
The dates set out above are based on the Directors’ current expectations and may be subject to change. If any of the dates should change, the revised dates will be announced by press release and will be available at www.centamin.com .
As a Jersey incorporated company, there is no requirement for Centamin plc to make any withholding or deduction on account of Jersey tax in respect of the dividend.
Canadian – Foreign Issuer
As at 1 January 2019 Centamin plc is a “designated foreign issuer” within the meaning of the National Instrument 71-102 – Continuous Disclosure and Other Exemptions Relating to Foreign Issuers and is subject to the foreign regulatory requirements of the London Stock Exchange.” As such, Centamin plc is exempt from certain requirements otherwise imposed on reporting issuers in Canada. This status will mean that the preparation of quarterly financial statements and MD&A will not be required in 2019. Quarterly preliminary costs and production will, however, be published following each quarter end.
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SOURCE: Centamin PLC
ReleaseID: 536691
