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Centamin announces FY20 results

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Global Mining Review,

Centamin has released its full year results for the 12 months ended 31 December 2020.

Martin Horgan, CEO, commented: “Centamin delivered another solid financial performance in 2020, driven primarily by improved commodity pricing, our comprehensive response to COVID-19 and an improvement in operating efficiencies and productivity. I would like to thank our workforce for how they responded to the operating environment in 2020, continuing to deliver results. Centamin generated record revenue of US$829 million, a 54% increase in EBITDA to US$439 million with an EBITDA margin of 53%. Ultimately, the group generated significant free cash flow, of US$142 million, a 91% increase, making it possible to propose and pay dividends attributable to 2020 of US$104 million further demonstrating Centamin’s commitment to delivering returns to our shareholders. We continue to maintain a strong and flexible balance sheet, finishing the year with US$310 million in cash and liquid assets at 31 December 2020.”

Financial highlights

  • Record revenue generated of US$829 million from gold sales of 468 681 oz at an average realised gold price of US$1766/oz sold.
  • EBITDA of US$439 million, at a 53% EBITDA margin.
  • Profit before tax of US$315 million.
  • Basic earnings per share (EPS) of 13.5 US cents per share.
  • Group free cash flow of US$142 million, after a record of US$199 million was distributed in profit share and royalties to its partner, the Egyptian state.
  • US$44 million of gross costs removed, as part of the ongoing US$100 million cost-saving target by 2024.
  • Strong balance sheet with no debt or hedging, and cash and liquid assets of US$310 million, as at 31 December 2020.
  • The Board has proposed a final dividend of US$0.03 per share, equating to US$34.7 million to be distributed to shareholders, subject to shareholder approval at the annual general meeting on 11 May 2021.

Outlook unchanged

  • 2021 gold production of 400 000 to 430 000 oz, at cash costs of US$800 – US$900/oz produced and AISC of US$1150 – US$1250/oz sold.
  • The Board reiterates its intention to recommend a minimum 2021 dividend of US$105 million (interim and final).

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