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Centamin posts EPS up 78%: increases interim dividend

Egyptian gold miner, Centamin plc, has increased its interim dividend from USc0.97 per share in 2015 to USc2.00 per share after posting Q2 16 earnings of USc6.3 per share, a 78% increase on Q2 15.

The improved income performance was a result of both higher revenue and lower costs. Revenue for the quarter increased by 45%, to US$180.1 million, due to a 36% increase in gold sales, to 141.8koz, and a 7% rise in the gold price realised to US$1,268/oz.

Mill throughput in Q2 improved to 2.93mt (Q2 15: 2.88mt) but it was the increase in average head grade from 1.49g/t to 1.66g/t that led to the jump in gold production. The open pit grade rose from 0.83g/t to 0.99g/t and the grade of underground ore mined rose from 7.77g/t to 9.26g/t.

As a result of the increased gold production, in conjunction with a reduction in mine costs of 5%, AISC fell from US$758/oz in Q2 15 to US$669/oz.

Centamin has updated its full year production guidance to 520-540koz of gold at AISC of US$720- US$750/oz.

Centamin posts EPS up 78%: increases interim dividend: CEY

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