LONDON--Centamin PLC (CEE.T) Monday reported a 28% fall in 2015 pretax profit after booking extra costs and despite a higher revenue, backed its previous long-term production and cost guidance and said it will continue to grow its business through acquisitions.
The mineral exploration, development and mining company said for 2016 it sees a production of 470,000 ounces at a $700 per ounce cash operating cost and at a $900 per ounce all-in-sustaining cost.
The company also said there remains scope for significant additional production increases as productivity in the various areas of the expanded Sukari operation is further optimized.
"Our flagship Sukari gold mine has continued to deliver substantial free cash flows, driven by a sixth successive year of production growth and industry competitive costs," said Chairman Josef El-Raghy.
During the year, production for the entire group was of 439,072 ounces, a 16% increase on 2014 and within the revised guidance range, the company said.
Exploration in Burkina Faso and C?te d'Ivoire outlined areas with potential for near-surface and high-grade economic mineralization, the company said, adding that these prospects will be targeted for resource growth during 2016.
For the 12 months ended Dec. 31 the company made a pretax profit of $58.4 million compared with $81.6 million for the previous year, on revenue of $508.4 million and $472.6 million respectively.
Cost of sales were at $416.2 million compared with $358.3 million.
The board has recommended a final dividend of 1.97 cents per share, making the total payout for the year of 2.94 cents per share.
Shares at 0800 unchanged at 92.75 pence valuing the company at 1.07 billion pounds ($1.54 billion).
=======================
Centamin plc Results for the Year Ended 31 December 2015
PERTH, AUSTRALIA--(Marketwired - Mar 21, 2016) - Centamin plc (LSE: CEY) (TSX: CEE)
TSX:CEE
For immediate release 21 March 2016
Centamin plc ("Centamin" or "the Company")
(LSE:CEY, TSX:CEE)
Centamin plc Results for the Year Ended 31 December 2015
Josef El-Raghy, Chairman of Centamin, commented: "During 2015 Centamin has maintained its strategic focus on generating shareholder returns and value-accretive growth, despite the continued gold price weakness and widespread challenges across the industry. Our flagship Sukari Gold Mine has continued to deliver substantial free cash flows, driven by a sixth successive year of production growth and industry competitive costs. The strong performance of our core asset, together with the Company's robust financial position, allowed the board of directors to approve an interim 2015 payment of 0.97 US cents per share (versus a 2014 interim payment of 0.87 US cents per share). I am now pleased to announce the approval of a final dividend for 2015 of 1.97 US cents per share. This represents a full year pay-out of approximately US$33.7 million, which sits at the top end of our dividend policy to pay out 15-30% of our net free cash flow."
Please follow the link below to view the full announcement:
rns-pdf.londonstockexchange.com
|
