Centamin Announces Maiden Dividend after Q2 results
August 14, 2014 8:06 am
Gold miner/producer Centamin (CEY.L) today announced results for the second quarter. During the period the company produced 81,281 ounces of gold, this was up 9% on the previous quarter, however still 13% lower from the same period last year. Despite this the company was unmoved on its guidance for production over the full year and expects higher quarterly total production for the remainder of the year. Centamin remains debt-free and un-hedged with cash, bullion on hand, gold sales receivables and available-for-sale financial assets of US$133.3 million as at 30 June 2014.
The company intends to expand production at its Sukari reserve and explore further drilling programmes in Ethiopia, Burkina Faso and Cote De Ivoire.
Josef El-Raghy, Chairman of Centamin, said: “Successful commissioning activities resulted in the first material contribution from the Stage 4 plant expansion during the quarter, with the processing operation remaining at above target productivity levels to achieve the expanded 10Mtpa nameplate capacity during the second half of the year. Whilst underground development ore grades were below forecast, mining rates remain strong and the operation has opened up key high-grade areas for stoping. Therefore, with both plant throughput and average grade set to increase during the remainder of the year, we maintain our full year production guidance of 420,000 ounces in 2014 and continue to look forward to delivering Sukari’s long-term target of 450,000 – 500,000 ounces per annum from 2015 onward.
As foreshadowed in our announcement of 16 May 2014, we are pleased to announce that with the completion of construction and commissioning of Stage 4, dividend payments to our shareholders will now commence with an interim payment of 0.87 cent (US$ 0.0087) per share.”
Gold miner/producer Centamin (CEY.L) today announced results for the second quarter. During the period the company produced 81,281 ounces of gold, this was up 9% on the previous quarter, however still 13% lower from the same period last year. Despite this the company was unmoved on its guidance for production over the full year and expects higher quarterly total production for the remainder of the year. Centamin remains debt-free and un-hedged with cash, bullion on hand, gold sales receivables and available-for-sale financial assets of US$133.3 million as at 30 June 2014.
The company intends to expand production at its Sukari reserve and explore further drilling programmes in Ethiopia, Burkina Faso and Cote De Ivoire.
Josef El-Raghy, Chairman of Centamin, said: “Successful commissioning activities resulted in the first material contribution from the Stage 4 plant expansion during the quarter, with the processing operation remaining at above target productivity levels to achieve the expanded 10Mtpa nameplate capacity during the second half of the year. Whilst underground development ore grades were below forecast, mining rates remain strong and the operation has opened up key high-grade areas for stoping. Therefore, with both plant throughput and average grade set to increase during the remainder of the year, we maintain our full year production guidance of 420,000 ounces in 2014 and continue to look forward to delivering Sukari’s long-term target of 450,000 – 500,000 ounces per annum from 2015 onward.
As foreshadowed in our announcement of 16 May 2014, we are pleased to announce that with the completion of construction and commissioning of Stage 4, dividend payments to our shareholders will now commence with an interim payment of 0.87 cent (US$ 0.0087) per share.”
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