EGYPTIAN gold mining firm, Centamin, paid an interim dividend of 2.5 cents per share as set down in its dividend policy, and said that despite a disappointing operating performance in the first half of the year it would stick to full year production guidance.
Centamin anticipated mine lower grades from its single asset, Sukari, during the period, but the average grade was lower and for longer than management expected. The outcome was gold of 219,099 ounces, 7% lower than in the first half of 2017.
The full year guidance is between 505,000 to 515,000 oz amid expectations of a vast improvement, especially from its underground grades.
Unit cash cost of production are on track with guidance of $625 to $640/oz produced, and all-in sustaining cost per oz was expected to trend downwards to within guidance range of $875 to $890/oz per oz sold in the second half with increased production.
Gold sold, however, was only 3% lower year-on-year and with the average realised price received some 7% higher at $1,316/oz, Centamin was able to book earnings before interest, tax, depreciation and amortisation of some $130m versus $120m in the prior year, equal to an improvement year-on-year of 16%.
