Centamin Egypt posts narrowing loss, Sukari development ongoing

Friday, Feb 26 2010 by
2

Precious and base metals explorer Centamin Egypt (LON:CEY, TSX:CEE) announced its half yearly report this morning, posting a consolidated operating loss of $0.5m for the six months to the end of December - down from $24.4m a year ago.Centamin Egypt company news image

Centamin is a mineral exploration, development and mining company. Centamin has been exploring for gold in Egypt since 1995, and in 2005 was granted a 160km 2 exploitation lease over the massive Sukari Hill gold project. The current resource at Sukari is 10.29 million ounces Measured and Indicated, and 3.45 million ounces Inferred, with ongoing drilling expected to add significantly to this resource.

The firm said that during the period the principal focus had been continuing mine development and completion of construction activities at the Sukari Gold Project in Egypt, upgrading the Sukari Mineral Resource and commencement of the underground Amun decline development. It had also successfully transitioned to the main board of the London Stock Exchange. In addition, two members of the Centamin Board departed at the end of December 2009. Mr Sami El-Raghy announced he would be stepping down as the Chairman of Centamin, having overseen the transformation of the Company from a mining exploration company into a significant gold producer. Mr Gordon Brian Speechly also stepped down. The Company is currently pursuing the appointment of further appropriate board members.

The Company remains debt free and plans to aggressively pursue further exploration and development activities, including the underground development of the high grade Amun Deeps Zone. The firm had cash and cash equivalents of $26.9m - down from $68.6m at the end of June. [1]

You can read more about Centamin Egypt here.

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Centamin plc is a mineral exploration, development and mining company. The Company is engaged in the business of exploration and production of precious metals. It operates in Australia, Jersey, Egypt, Burkina Faso and Cote d'Ivoire. Its principal asset, the Sukari Gold Mine (SGM), is located in the Eastern Desert, approximately 900 kilometers from Cairo and 25 kilometers from the Red Sea. SGM is jointly owned by Pharaoh Gold Mines NL (PGM) and Egyptian Mineral Resource Authority (EMRA). It has a license holding over an area of approximately 100-kilometer trend of gold mineralization in Burkina Faso. The Company holds a tenement package over an approximately 2,200 square kilometer area in southern Burkina Faso, adjacent to the border with Cote d'Ivoire. It has seven permits in Cote d'Ivoire covering an area of over 2,330 square kilometers. Six of these are part of the Doropo Project across the border from Batie West in Burkina Faso and the other is in the west of the country. more »

LSE Price
118p
Change
2.2%
Mkt Cap (£m)
1,364
P/E (fwd)
19.7
Yield (fwd)
4.3



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2 Comments on this News show/hide all

Fangorn 16th Jul '10 1 of 2

Interesting to see Paulson on the share register at 3.57%. Not sure if this change is downward or upward from prior levels however.

http://www.investegate.co.uk/article.aspx?id=201007161134114766P&fe=1


Still looking to nibble at slightly lower levels than where it is currently.

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StrollingMolby 16th Jul '10 2 of 2
2

Paulson were at 10.73% as at 10 June, per website:

http://www.centamin.com/aim-rule-26/

 

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