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Centamin output guidance published - sell

Tom Winnifrith
Friday 15 March 2013

Egypt based FTSE 250 listed gold miner Centamin (LSE:CEY) yesterday gave guidance for 2013 output – that it does so 2 weeks ahead of the publication of 2012 results is a bit odd. Is it a case of getting the bad news out ahead of the next bad news...the results.

The company states that it expects to produce 320,000 ounces of gold this calendar year at a cash cost ( assuming no fuel subsidies) of $700. That would be a 22% increase on 2012 output which is not surprising given that a range of political difficulties scarred 2012 numbers. Of course Centamin assumes that these difficulties (or new ones) will not reoccur. Given the newsflow from the increasingly Islamofascist republic of Egypt, I am not so sure of that. The company reaffirms that it expects output to increase to 450,000-500,000 oz from 2015 onwards. Inshallah.

on ADVFN | Comments
About Tom Winnifrith
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Tom Winnifrith is the editor of TomWinnifrith.com. When he is not harvesting olives in Greece, he is (planning to) raise goats in Wales.
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