Centamin Q2 pretax profit nearly halves on lower gold output

Reuters , Thursday 3 Aug 2017

Centamin, the operator of Egypt's only commercial gold mine, said its second-quarter pretax profit almost halved due to lower gold production and higher costs.

Pretax profit fell 48.4 percent to $37.8 million in the three months ended June 30. Gold production fell to 124,641 ounces from 140,306 ounces a year earlier.

All-in sustaining costs for the quarter rose 23.9 percent to $829 per ounce as lower ore grades pushed up recovery costs.

The miner, however, raised its interim dividend by 25 percent to 2.5 cents.

Centamin maintained its full-year guidance of 540,000 ounces at an all-in sustaining cost of $790 per ounce sold.

"With the open pit now into higher grade sectors and operations across the mine performing well, we look forward to a strong second half of the year," CEO Andrew Pardey said in a statement. 

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