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Interim Results

Centamin earnings fall

03 May 2017 08:21

Centamin's first quarter earnings before interest, tax, depreciation and amortisation fell to $53.1m - down from $67.5m a year ago and $81.8m in the previous quarter - following lower gold output and sales and higher production costs.

Gold production fell to 109,187 oz - down from 125,268 oz a year ago and 136,787 oz in the previous three months.

Sales totalled 115,052 oz - down from 123,668 oz a year ago and 130,959 oz in the previous quarter.

The group said these results were marginally offset by an increase in realised gold prices.

Revenues fell to $140.7m from $148.1m a year ago and pre-tax profits of $29.5m were down from $40.9m last time.

Chief executive Andrew Pardey said: "As forecast, production rates decreased in the first quarter mainly driven by a planned reduction in average grade from the open pit.

"Despite lower production rates Sukari generated US$58m of cash from operations during the quarter.

"During the second quarter, we expect to see open pit ore grades increase towards the reserve average as the cutback in the east wall of the pit is further progressed.

"With the processing and underground mining operations also continuing to deliver strong levels of productivity, we remain on course to meet our full year 2017 production guidance of 540,000 ounces at a cash operating cost of US$580 per ounce and all-in-sustaining cost of US$790 per ounce."

At 8:21am: (LON:CEY) Centamin PLC share price was -5.85p at 167.65p

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