Updates

Centamin Egypt

December 2011

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

After a difficult period it looks like Egyptian gold miner Centamin's fortunes are on the rise again with results for the quarter to 30 September showing gold production rising from almost 48,000 oz in Q2 to 50,539 oz in Q3. With average sales prices rising from US$1,545 / oz to US$1,721 / oz more than offsetting the increase in cash costs from US$605 to US$635, it achieved an operating profit of US$43.4m and eps of almost 4 cents. Full-year production guidance of 200-210,000 oz is unchanged, while cash costs are expected to fall back towards US$500. Cash balances were US$201m. ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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