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Centamin Q1 Ebitda up 55% y/y

13th May 2015

By: Creamer Media Reporter

  

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JOHANNESBURG (miningweekly.com) – Egypt-focused gold miner Centamin on Wednesday reported a 55% year-on-year increase in earnings before interest, taxes, depreciation and amortisation (Ebitda) to $53-million for the quarter ended March 31.

This was owing to a 6% year-on-year drop in the realised gold price to $1 216/oz being offset by a 41% increase in gold sales to 111 249 oz and a 4% decrease in cash cost of production to $717/oz.

The all-in sustaining cost (AISC) for the quarter was $858/oz.

CEO Andrew Pardey commented in a statement to shareholders that the financial performance for the quarter reflected efficiency improvements at the expanded Sukari operation, as well as a reduction in the fuel price.

“Our full year production forecast remains 420 000 oz at a cash cost of production of $700/oz and an AISC of $950/oz,” he added.

Further, the gold miner reiterated that grade improvements from the openpit and underground operations at its Sukari mine would enable the company to achieve production rates of 450 000 oz/y to 500 000 oz/y from the second half of this year.

The Sukari mine produced 108 233 oz of gold in the quarter under review, a 46% increase on the 74 241 oz produced in the first quarter of 2014.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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