Egypt’s largest gold producer Q1 profit 27% up

Centamin PLC reported Tuesday a 27 percent year-on-year increase in profit before tax from January to March, adding that its 2016 production target from Egypt’s flagship gold mine Sukari remains unchanged.

The international gold mining company, which is listed on the London and Toronto Stock Exchanges, announced a profit of $67.5 million before tax, up from $53 million in the first quarter of previous year, according to the company’s official website

Annual production at Sukari rose 16 percent in relation to last year, reaching 125,268 ounces during the first three months in 2016 at a cost of production of $603 per ounce and all-in-sustaining cost of $758 per ounce, the company said.

The company forecast a production of 470,000 ounces from its principal asset Sukari in 2016, at a cost of production of $680 per ounce and all-in-sustaining cost of $900 per ounce.

Source: Ahram Online