This image will be automatically disabled when it gets reported by several people.
Egypt's Centamin posts Q3 profit jump, output on track Gold mining company says higher global prices for the precious metal helped it triple its quarterly net profits on last year
Centamin Egypt posted quarterly net profit almost three times the year-ago level, boosted by higher gold prices, and said it was on track to hit its revised 2011 gold production target. The miner said on Monday third-quarter profit came in at US$43.4 million, compared with $14.7 million a year ago, as revenue more than doubled thanks to higher prices, offsetting higher production costs and unfavourable foreign exchange shifts. Cash operating costs came in at $365 per ounce, $3 an ounce lower than a year ago and 5 per cent above the previous quarter. The company said the average gold sales price received was$1,721 per ounce in the quarter to end-September, up 39 per cent on last year. Earlier this month, Centamin said production hit 50,539 ounces of gold in the third quarter, putting it on track to hit its 2011 production target of 200,000-210,000 ounces, revised after restrictions on blasting hit output. "The Sukari Gold Project has performed in line with management expectations in August and September, generating strong earnings once again and underpinning gold production, which will deliver on the production guidance given for 2011," chairman Josef El-Raghy said.
