centamin quarter 4 production results

December 2010 was obviously the month to sell, at $3.30

It seems incredible now that this stock could trade at those levels.

It is also incredible, if true, that a sale to Centamin will net the MD/CEO a million dollar exit payment, effectively, money that has come from shareholders who have watched their investment go from $3.30 to 12 cents.

Such a payment can partially be blamed on shareholders, because they get to vote on the remuneration policy each year, and never raise a whimper.

Anyway, here is Centamin's quarter 4 production results, released yesterday.

Centamin is pleased to announce preliminary production results from its Sukari Gold Mine (“Sukari”) in Egypt for the quarter ended 31 December 2013.

Total gold production for the quarter was 91,546 ounces, a 7% increase on the corresponding quarter in 2012 and 8% higher than Q3 2013. This brings full year production to 356,943, a 36% increase on 2012 and above guidance of 320,000 ounces.

Open pit total material movement decreased 8% from Q3 2013 to 9,642kt and open pit ore production decreased 7% on Q3 2013 to 3,161kt. The run of mine ore stockpile balance increased by 219kt to 1,756kt at the end of the period. The underground mine delivered 174kt of ore, up 15% on Q3 2013.

Quarterly throughput at the Sukari process plant was 1,400kt, a 12% increase on the prior year period and a 4% decrease on Q3 2013, exceeding the nameplate annualised rate of 5 million tonnes for the fourth successive quarter with continued high levels of productivity and availability.

Consistently high levels of productivity have been achieved at Sukari throughout 2013, with minimal impact from unplanned stoppages or the start of Stage 4 commissioning activities. Full year production is ahead of guidance, as indicated in the Q3 results, and we look forward to delivering a further successive year of growth in 2014 as the plant expansion drives the continued ramp-up towards our 450-500,000 ounce per annum long-term target. Despite the weak gold price environment, we again exit the year with a robust financial and operating base on which to continue delivering our growth strategy.

Cash cost of production of US$693 per ounce, in line with 2013 full year guidance. Cash costs of Production exclude royalties, exploration and corporate administration expenditure.

Average realised sale price US$1,428 (9 months to 30 September 2013).

Revenue of US$120.1 million for Quarter 3.

Gw