Updates

Centamin Egypt

January 2013

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.

Centamin produced just under 61,000 ounces of gold in Q3, down 10% sequentially mainly due to the illegal mine strike during July but helped by a higher gold price it generated record EBITDA of $67.1m, up 22% quarter-on-quarter. For the first nine months, cumulative EBITDA is US$177m, up 2% year-on-year. Centamin says it is on track to meet guidance of 250,000 ounces this year. But it has two ongoing issues. Cash costs of production are recorded as US$539 per ounce at subsidised fuel prices although it has not been receiving these subsidies and is presently arguing with the Egyptian Government regarding its entitlement - so assuming this doesnâ€™t come through, cash costs will rise by US$170 per ounce, thus cutting earnings. The g ...

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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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