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Centamin doubles Q4 profit, sees 2012 output up

Egypt's first modern gold mine operator sees profits up an annual $18.4 million

Reuters, Monday 30 Jan 2012
Centamin
(Photo: Reuters)
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Miner Centamin, which operates the first modern gold mine in Egypt, more than doubled its fourth-quarter operating profit and said it expects 2012 production to rise by more than 20 per cent from last year, with cash costs easing.

Operating profit for the final three months of 2011 came in at $37.5 million, marginally below some analysts' expectations, but up from $18.4 million a year previously.

Egypt-focused Centamin, which announced a 35 per cent jump in 2011 gold production to 202,698 ounces earlier this month, said on Monday it expected 2012 production to hit 250,000 ounces.

Cash costs are expected to dip to $550 per ounce this year from $556 over 2011, but will be above $473 hit in the fourth quarter.

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