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Centamin share price in focus as company releases 2014 results

Dimitar Bogdanov
  • March 23rd, 07:17
  • Last Updated: October 21st, 14:27

Centamin Plc (LON:CEY) today reported its results for the twelve months ended December 31. Highlights from the report provided below:

**Josef El-Raghy, Chairman of Centamin, commented:** “Centamin’s corporate strategy seeks to deliver peer-leading shareholder returns by taking gold projects from exploration, through development and into production. In this respect, 2014 was a pivotal year for the Company. Our flagship Sukari Gold Mine saw the successful commissioning of the US$331 million Stage 4 process plant expansion, marking the project’s transition out of the investment phase and into a sustainable period of free cash flow generation over an expected minimum 20-year mine life. In recognition of this and due to the Company’s strong financial position, the Board of Directors initiated a dividend program during 2014 with a maiden interim dividend of 0.87 US cents per share. The Company is now pleased to propose the final dividend for 2014 of 1.99 US cents per share (approx. US$23 million), for a total full year dividend of 2.86 US cent per share, representing a pay-out level of approximately 30% of our free cash flow as defined by our dividend policy.”
**Operational Highlights:** Full year production of 377,261 ounces, a 6% increase on 2013, with Q4 2014 production of 128,115 ounces representing an increase of 37% over Q3 2014; Full year cash cost of production of US$729 per ounce, with Q4 2014 cash costs of US$655 per ounce; Stage 4 plant expansion completed with total project expenditure US$331.2 million; Process plant throughput exceeded nameplate 10Mtpa capacity in Q4 2014; 2015 guidance of 420,000 ounces gold at US$700 per ounce cash cost of production and US$950 AISC; Underground drilling at Sukari supports further resource and reserve expansion potential; Exploration drilling programmes continue in Ethiopia, Burkina Faso and Côte d’Ivoire.
**Financial Highlights:** EBITDA US$165.4 million, down 29% on the prior year; Basic earnings per share 7.21 cents, down 57% on prior year; Centamin remains debt-free and unhedged with cash, bullion on hand, gold sales receivable and available-for-sale financial assets of US$162.8 million at 31 December 2014; Proposed final dividend of 1.99 US cents per share (approx. US$23 million); total 2014 dividend of 2.86 US c/sh.
As of 07:28 GMT, Monday, 23 March, Centamin PLC share price is 53.75p.

About the author

Dimitar Bogdanov
Dimitar Bogdanov
I have been a journalist for Invezz since 2012 and am one of the oldest on the team. My focus is on cryptocurrencies as well as general equity markets, although my experience is broad overall.

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