Egypt’s Sukari Gold Mine pays $488.2 million in H1

Egypt received $48.2 million in profit shares and royalties from Centamin’s Egypt’s Sukari Gold Mine in the first half of 2019.

The Egyptian Mineral Resources Authority (EMRA) received $39.4 million in profit shares (year-on-year), with Centamin paying $8.8 million (down 2 percent y-o-y) in royalties to the state.

The company reported a 3 percent year-on-year fall in its top line for the first half of the year to $288.1 million.

Gold sales declined by 2 percent to 224.1k ounces. The company expects “stronger production and increasing free cash flow” in the second half of 2019, according to the interim results released by Centamin for the first six months of 2019.

Gross revenue for the first half of 2019 recorded $292.4 million from the sale of 224,129 ounces of gold at an average realised price of $1,305 per ounce.

Production costs hit $692 per ounce, within annual guidance of $675-725 per ounce, while all-in sustaining costs reached 940 per ounce sold, within annual guidance of $890-950 per ounce.

The company’s board declared an interim dividend of $46.2 million, 4 US cents per share, bringing cumulative dividends paid to shareholders to approximately $500 million.

Source: Ahram Online