Centamin’s Q2 profit falls 48% y/y
JOHANNESBURG (miningweekly.com) – LSE- and TSX-listed Centamin’s pretax profit fell by 48% year-on-year to $37.82-million in the second quarter of the year, as a result of lower gold production.
Output at the company’s Sukari mine, in Egypt, fell by 11% year-on-year to 124 641 oz in the second quarter.
As a result of the lower output and a 12% increase in mine production costs, earnings a share before profit share with Centamin’s partner EMRA decreased to $0.03 in the quarter under review, compared with $0.06 in the second quarter of 2016.
Earnings before interest, taxes, depreciation and amortisation decreased to $65.96-million, compared with $101.61-million.
“While the first half of 2017 was focussed largely on the cut back of the east wall in the openpit, with correspondingly low ore grades, it has been very pleasing to see the business generate over $135-million in cash flow from operations over the period.
“After capital and exploration expenditure of approximately $44.6-million and profit share payments to our partner, EMRA, of $41.2-million, we are delighted to be able to increase the interim dividend payment by 25% to $0.025, comfortably exceeding the minimum target set out in our dividend policy,” commented Centamin CEO Andrew Pardey.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation