Updates

Centamin Egypt - Reassuring update

March 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.

The wider political change in Egypt plus the fact that 50 employees went on hunger strike has taken its toll on the shares. Centamin, however, has said productions remains unaffected.The group achieved record production of 53,000 oz in the fourth quarter to 31 December compared with 30,000 oz the previous quarter. Full year production was 150,000 oz, slightly below its target of 160,000, mainly reflecting earlier technical problems with its SAG mill. More positively, costs in Q4 fell from US$638 / oz to US$498 / oz. The group now expects to increase production to 250,000-290,000 oz this year with cash costs expected to fall to US$450 / oz. Meanwhile, following the recent placing, which raised US$135m, cash increased to ...

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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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