Centamin free cash flow doubles in 1H, triples in Q2

25th Jul 2024 08:09

(Sharecast News) - Egypt-focused Centamin saw its free cash flow double during the first half of the year as prices for the yellow metal continued moving higher.

The gold miner also reported a 13% increase year-on-year in its All-in Sustaining Costs to reach $1,382/oz..

However, during the second quarter its AISC fell by 16% versus the first three months of 2024 to reach $1,273/oz..

Centamin boss Martin Hogan also highlighted that the project to connect its main Sukari mine to the grid was due to be commissioned in the first half of 2025.

Over the six months ending on 30 June Centamin produced 2% more gold than in the year earlier period to reach 224,738 oz.

In parallel, the realised gold price gained 15% to $2,218/oz and adjusted free cash flow soared 95% to $42.74m.

For the second quarter alone free cash flow more than tripled to $32.4m.

Capex fell 17% over the six months to hit $89.5m.

The company was also now anticipating that a mining licence would be granted for Doropo by year end, even as it continued with the drill out of its Little Sukari discovery.

Cash and liquid assets at period end stood at $200m and total liquidity at $350m thanks to an undrawn $150m revolving credit facility.

The interim dividend was set at 2.25 US cents.