REG - Centamin PLC - Dividend Declaration

CentaminAnnouncement

25/07/2024 07:00

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RNS Number : 7332X  Centamin PLC  25 July 2024

25 July 2024

Centamin plc

("Centamin" or "the Company")

(LSE:CEY, TSX:CEE)

 

2024 interim DIVIDEND declaration

 

Centamin is pleased to announce that the Board of Directors have declared an
interim dividend of 2.25 US cents per share, for the six months ended 30 June
2024.

DIVIDEND POLICY

Stakeholder, and specifically shareholder returns, are central to our Company
strategy. Centamin was one of the first gold producers to pay a dividend under
a structured policy. We have since built a eleven-year track record of
returning cash to shareholders, totalling US$907m (inclusive of the interim
dividend).

The dividend policy remains unchanged from our previous commitment to return a
minimum of 30% of Group free cash flow before growth capital expenditure(1) to
shareholders in cash dividends. In addition to the minimum dividend, the
balance sheet is assessed by the Board which will use its discretion to
allocate the remaining available cash to growth projects and supplementary
dividend payments.

interim DIVIDEND

The Board declares an interim dividend of 2.25 US cents per share (US$26
million).

This represents 53% of the cash available for dividend payments, exceeding the
policy to pay out a minimum of 30% of Group free cash flow before growth
capital expenditure. The Board applied its discretion to allocate US$11m to
supplementary dividend payments given the continued strength of the balance
sheet.

The interim dividend is calculated by the following:

                                                            30-Jun-24
 US$'000                                                    Interim
 Group free cash flow                                       42,895
 Add back:
 Growth capex financed from treasury 1                      6,446
 Cash flow available for dividends                          49,341
 30% minimum distribution as per dividend policy            (14,802)
 Surplus cash flow for discretionary capital allocation 2   34,539
 Board dividend supplement                                  (11,322)
 Total dividend declared                                    26,124
 US Cents                                                   2.25
 % of cash flow available for dividend payments             53%

 

Centamin maintains a robust financial position, with cash and liquid assets of
US$200 million as at 30 June 2024. The Company's disciplined approach to
capital allocation, provides the flexibility to allocate capital to
shareholders returns, business investment and growth as well as environmental
and social opportunities.

 

2024 interim Dividend Timetable 3 

Below is the final dividend timetable for the London Stock Exchange (LSE) and
Toronto Stock Exchange (TSX):

 ●    Ex-Dividend Date:                 29 August 2024 (LSE only)
 ●    Record Date                       30 August 2024 (Record and Ex-Dividend Date for the TSX)
 ●    Last Date for Currency Elections  2 September 2024
 ●    Payment Date                      27 September 2024

Dividend Currency Elections

The dividend will be paid on 27 September 2024, in US Dollars ("USD") with an
option for shareholders to elect to receive the dividend in Pounds Sterling
("GBP"). Currency elections should be made no later than 2 September 2024 as
per the instructions detailed on the Company website (www.centamin.com
(http://www.centamin.com) ). Payments in GBP will be based on the USD/GBP
exchange rate on 3 September 2024 and the rate applied will be published on
the website thereafter.

As a Jersey incorporated company, there is no requirement for Centamin plc to
make any withholding or deduction on account of Jersey tax in respect of the
dividend.

About Centamin

Centamin is an established gold producer, with premium listings on the London
Stock Exchange and Toronto Stock Exchange. The Company's flagship asset is the
Sukari Gold Mine ("Sukari"), Egypt's largest and first modern gold mine, as
well as one of the world's largest producing mines. Since production began in
2009 Sukari has produced 5.7 million ounces of gold, and today has a projected
mine life to 2035.

Through its large portfolio of exploration assets in Egypt and West Africa,
Centamin is advancing an active pipeline of future growth prospects, including
the Doropo project in Côte d'Ivoire, and over 3,000km(2) of highly
prospective exploration ground in Egypt's Arabian Nubian Shield.

Centamin practices responsible mining activities, recognising its
responsibility to deliver operational and financial performance and create
lasting mutual benefit for all stakeholders through good corporate
citizenship.

FOR MORE INFORMATION please visit the website www.centamin.com
(http://www.centamin.com) or contact:

 Centamin plc                                                  FTI Consulting

 Michael Stoner, Head of Corporate                             Ben Brewerton / Sara Powell / Nick Hennis

 investor@centaminplc.c (mailto:investor@centaminplc.com) om   +442037271000
 (mailto:investor@centaminplc.com)

                                                               centamin@fticonsulting.com (mailto:centamin@fticonsulting.com)

Forward-looking Statements

This announcement (including information incorporated by reference) contains
"forward-looking statements" and "forward-looking information" under
applicable securities laws (collectively, "forward-looking statements"),
including statements with respect to future financial or operating
performance. Such statements include "future-oriented financial information"
or "financial outlook" with respect to prospective financial performance,
financial position, EBITDA, cash flows and other financial metrics that are
based on assumptions about future economic conditions and courses of action.
Generally, these forward-looking statements can be identified by the use of
forward-looking terminology such as "believes", "expects", "expected",
"budgeted", "forecasts" and "anticipates" and include production outlook,
operating schedules, production profiles, expansion and expansion plans,
efficiency gains, production and cost guidance, capital expenditure outlook,
exploration spend and other mine plans. Although Centamin believes that the
expectations reflected in such forward-looking statements are reasonable,
Centamin can give no assurance that such expectations will prove to be
correct. Forward-looking statements are prospective in nature and are not
based on historical facts, but rather on current expectations and projections
of the management of Centamin about future events and are therefore subject to
known and unknown risks and uncertainties which could cause actual results to
differ materially from the future results expressed or implied by the
forward-looking statements. In addition, there are a number of factors that
could cause actual results, performance, achievements or developments to
differ materially from those expressed or implied by such forward-looking
statements; the risks and uncertainties associated with direct or indirect
impacts of COVID-19 or other pandemic, general business, economic,
competitive, political and social uncertainties; the results of exploration
activities and feasibility studies; assumptions in economic evaluations which
prove to be inaccurate; currency fluctuations; changes in project parameters;
future prices of gold and other metals; possible variations of ore grade or
recovery rates; accidents, labour disputes and other risks of the mining
industry; climatic conditions; political instability; decisions and regulatory
changes enacted by governmental authorities; delays in obtaining approvals or
financing or completing development or construction activities; and discovery
of archaeological ruins. Financial outlook and future-ordinated financial
information contained in this news release is based on assumptions about
future events, including economic conditions and proposed courses of action,
based on management's assessment of the relevant information currently
available. Readers are cautioned that any such financial outlook or
future-ordinated financial information contained or referenced herein may not
be appropriate and should not be used for purposes other than those for which
it is disclosed herein. The Company and its management believe that the
prospective financial information has been prepared on a reasonable basis,
reflecting management's best estimates and judgments at the date hereof, and
represent, to the best of management's knowledge and opinion, the Company's
expected course of action. However, because this information is highly
subjective, it should not be relied on as necessarily indicative of future
results. There can be no assurance that forward-looking statements will prove
to be accurate, as actual results and future events could differ materially
from those anticipated in such information or statements, particularly in
light of the current economic climate and the significant volatility, the
risks and uncertainties associated with the direct and indirect impacts of
COVID-19. Forward-looking statements contained herein are made as of the date
of this announcement and the Company disclaims any obligation to update any
forward-looking statement, whether as a result of new information, future
events or results or otherwise. Accordingly, readers should not place undue
reliance on forward-looking statements.

LEI: 213800PDI9G7OUKLPV84

Company No: 109180

 

 1  Defined as Sukari growth capex funded from Treasury and available for
cost-recovery as per the Concession Agreement

 2  Discretionary capital allocation options include future project
investment, portfolio optimisation, supplemental shareholder returns

 3  The dates set out above are based on the Directors' current expectations
and may be subject to change. If any of the dates should change, the revised
dates will be announced by a regulatory news announcement and will be
available at www.centamin.com

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