May 3, 2018 / 6:48 AM / 3 months ago

Centamin's first-quarter profit more than doubles

May 3 (Reuters) - Egypt-focused gold miner Centamin said its first-quarter profit more than doubled, helped by higher gold production, better prices and lower sales costs.

Profit before tax rose to $65.4 million in the three months ended March 31, from $29.47 million a year earlier.

Gold sales rose 13.9 percent to 131,045 ounces, while average realised gold price rose about 9 percent to $1,328 per ounce.

Cash costs of production fell about 11 percent to $71.3 million, pushing unit costs down 21 percent to $581 per ounce produced.

The company also maintained its full-year production guidance of 580,000 ounces at forecast cash cost of production of $555 per ounce and all-in sustaining costs of $770 per ounce.

Reporting by Arathy S Nair in Bengaluru; Editing by Sunil Nair

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below