TIDMCEY
RNS Number : 1852N
Centamin PLC
19 January 2023
19 January 2023
Centamin plc
("Centamin", "Group" or "the Company")
LSE: CEY / TSX: CEE
QUARTERLY Report
for the three months ended 31 December 2022
MARTIN HORGAN, CEO, commented: " The fourth quarter performance
represented a successful conclusion to the year. Our operating team
delivered on our 2022 guidance for both ounces and costs at Sukari,
despite the impact of industry-wide inflationary pressures. Even
more importantly, we are proud to report a new safety record of
over 8 million hours worked without a lost time injury reflecting
our focus on safety across the Company.
It was a busy fourth quarter - we commissioned the 36Mw Sukari
solar plant, delivering immediate cost savings and reductions in
carbon emissions; we completed the Sukari underground expansion
study confirming the ability to increase mining rates by 30% from
2025; for the consecutive second year, we materially grew the
Sukari reserves; and we signed a US$150 million sustainability
linked revolving credit facility providing greater flexibility to
fund growth. Outside of Sukari, the Doropo pre-feasibility study is
on track for H1 2023, with work focused on assessing new potential
capital and cost saving opportunities, and on our earlier stage
exploration blocks in Egypt, we have identified drill targets to be
tested later this year.
During 2023, we look forward to further increasing gold
production from Sukari year on year while continuing to manage cost
pressures, and progressing the multiple identified opportunities
across our portfolio."
HIGHLIGHTS
2022 guidance delivered
-- New Group safety record achieved: the Company recorded no
Lost Time Injuries ("LTI") in the fourth quarter ("Q4") and Sukari
has achieved a site record of eight million hours LTI free. The
lost time injury frequency rate ("LTIFR") for the twelve months
ended 31 December 2022 ("FY") was 0.08 per one million hours
worked, representing an 83% improvement from the previous year
-- Annual gold production of 440,974 oz in line with guidance :
Q4 production of 109,564 ounces ("oz"), totalling FY production of
440,974 oz
-- Annual revenue of US$787 million: Q4 revenue of US$188
million, generated from gold sales of 108,441 oz at an average
realised gold price of US$1,735/oz sold; FY revenue of US$787
million, generated from gold sales of 438,638 oz at an average
realised gold price of US$1,794/oz sold
-- Costs delivered in line with guidance: Q4 cash costs of
US$997/oz produced and AISC of US$1,445/oz sold; FY cash costs of
US$913/oz produced and AISC of US$1,399/oz
-- Capital expenditure of US$224.3 million in line with
guidance: Q4 spend of US$64.8 million with excellent progress made
on key capital projects including the commissioning of the 36Mw
Sukari solar plant; paste plant build remains on track for
commissioning in H1 2024. FY capital expenditure ("capex") of
US$224.3 million including underground transition to
owner-operator, accelerated open pit waste stripping campaign and
Sukari mining concession exploration
-- Geological focus delivers a second year of reserve growth at
Sukari : total Measured and Indicated Mineral Resources of 320
million tonnes ("Mt") at 1.08 grams of gold per tonne ("g/t Au")
for 11.11Moz of contained gold, reflecting a 13% increase in ounces
(1.3Moz) after depletion, including Proven and Probable Reserves of
163Mt at 1.1g/t Au for 6.0Moz, reflecting additions of 0.8Moz in
the open pit and underground before depletion. Link to full
announcement here
-- Confirmed Sukari underground expansion potential : increasing
underground ore mining rates to 1.5Mt , which is more than30% above
current life of mine averages, driving future production growth
from Sukari. Link to full announcement here
-- Upgrading the Doropo resource: total Indicated Resource of
51.2Mt at 1.52g/t Au for 2.52Moz of contained gold, including a 22%
increase in grade and significant exploration upside potential.
Doropo pre-feasibility study ("PFS") well progressed. Additional
work underway on the processing circuit assessing potential capital
and operating cost savings. PFS completion expected H1 2023. Link
to full announcement here
-- Secured US$150 million sustainability-linked revolving credit
facility: the facility provides greater financial capacity and
flexibility to fund identified growth and enhancement opportunities
across our portfolio. The sustainability targets will track
tangible progress in reducing the Company's environmental footprint
and strengthening its social license to operate. Link to full
announcement here
-- Robust balance sheet: cash and liquid assets of US$156.6 million, as at 31 December 2022
-- The Company will publish its audited full year 2022 financial results on 16 March 2023.
RESULTS SUMMARY
Q4 Q4 FY FY
2022 2021 % <DELTA> Q3 2022 % <DELTA> 2022 2021 % <DELTA>
============= ============== ======== ======== =========== ======== =========== ======== ======== ===========
SAFETY
LTIFR (1m hours) 0.00 0.31 (100%) 0.00 0% 0.08 0.46 (83%)
============================= ======== ======== =========== ======== =========== ======== ======== ===========
OPEN PIT
Total material mined (kt) 36,401 30,397 20% 35,647 2% 136,420 110,222 24%
Ore mined (kt) 3,146 2,683 17% 2,814 12% 11,696 12,391 (6%)
Ore grade mined (g/t Au) 0.93 0.93 0% 1.04 (11%) 0.99 0.86 14%
============================= ======== ======== =========== ======== =========== ======== ======== ===========
UNDERGROUND
Ore mined (kt) 233 145 61% 210 11% 829 739 12%
Ore grade mined (g/t Au) 4.25 4.97 (14%) 6.20 (31%) 4.75 4.95 (4%)
============================= ======== ======== =========== ======== =========== ======== ======== ===========
PROCESSING
Ore processed (kt) 3,045 3,210 (5%) 3,230 (6%) 12,114 11,916 2%
Feed grade (g/t Au) 1.23 1.11 11% 1.37 (10%) 1.26 1.18 6%
Gold recovery (%) 88.6 87.0 2% 87.9 1% 88.2 88.6 0%
Gold production (oz) 109,564 107,549 2% 127,512 (14%) 440,974 415,370 6%
============================= ======== ======== =========== ======== =========== ======== ======== ===========
COST & SALES
Gold sold (oz) 108,441 99,936 9% 126,610 (14%) 438,638 407,252 8%
Cash costs (US$/oz produced) 997 1,000 0% 811 23% 913 866 5%
AISC (US$/oz sold) 1,445 1,351 7% 1,289 12 % 1,399 1,234 13%
Realised gold price (US$/oz) 1,735 1,828 (5%) 1,720 1% 1,794 1,797 0%
Revenue (US$m) 188.5 183 3% 218.1 (14%) 788.4 733.3 8%
Adj CAPEX (US$m) 64.8 94.0 (31%) 50.2 29% 224.3 240.9 (7%)
============================= ======== ======== =========== ======== =========== ======== ======== ===========
OUTLOOK
2023 guidance in line
-- Gold production guidance range of 450,000 to 480,000 oz per
annum weighted towards H2 (45:55)
-- Cash cost guidance range of US$840-990/oz produced and AISC
guidance range of US$1,250-1,400/oz sold, reflecting higher fuel
prices and global inflationary pressures
-- Capex guidance is US$225 million, as the Company continues to
identify growth and optimisation projects at Sukari, including
development of a gravity circuit; expansion of the dump leach
capacity; and to commence the underground expansion. This also
reflects inflationary pressures on the contracted waste-stripping
programme specifically from higher fuel prices
-- Exploration spend is budgeted at US$30 million, including
US$23 million for the pre-development study work on the Doropo
Project.
KEY MILESTONES
-- Capital Structure Review (Q1 2023)
-- Doropo Project, Cote d'Ivoire, completed PFS (H1 2023)
-- Sukari Gold Mine, Egypt, updated Life of Mine Plan (43-101),
including underground expansion (H2 2023)
WEBCAST AND CONFERENCE CALL
The Company will host a webcast and conference call today,
Thursday, 19 January at 08.30 GMT to discuss the results, followed
by an opportunity to ask questions.
Webcast link :
https://www.investis-live.com/centamin/63b6ddfbaba36a0c00072b18/eabie
Conference call dial-in telephone numbers :
United Kingdom (and all other locations) +44 (0) 203 936 2999
United States +1 646 664 1960
Participation access code: 349884
PRINT-FRILY VERSION of the quarterly results:
www.centamin.com/investors/results-reports/
HEALTH AND SAFETY
Operational safety continues to be a key focus across the Group
with no LTIs being reported in the quarter (FY: 1) and Sukari
continues its site record of over eight million hours worked LTI
free.
The Q4 LTIFR was zero per 1,000,000 site-based hours worked (FY:
0.08) comparable to the corresponding 0.31 LTIFR for the fourth
quarter of 2021. The total recordable injury frequency rate
("TRIFR") for Q4 was 2.95 per 1,000,000 site-based hours worked,
down 50% year on year ("YoY"). TRIFR for 2022 was 2.61, which was
better than our 2022 target.
Sukari Gold mine, egypt
(Q4 2022 vs Q4 2021)
Production
Sukari Gold Mine ("Sukari") produced 109,564 oz (FY: 440,974 oz)
in Q4, a 2% increase YoY driven largely by the transition to owner
mining in the underground and improved flexibility in the open pit.
The reduction in production compared to Q3 2022 was as per the mine
plan and reflected the mining in higher grade areas of the
underground in Q3.
Production guidance range for 2023 is 450,000 to 480,000 ounces
representing an increase in annual production from 2022, driven
predominantly by higher mining rates from the underground following
the transition to owner-operator mining.
Open Pit Mining
Total material moved (waste and ore) in Q4 increased by 20% YoY
to 36.4Mt (FY: 136.4Mt) a new quarterly record, resulting from
improved productivity, as well as increased waste moved as part of
the accelerated waste stripping programme.
Total open pit waste material mined (owner and contractor) for
the quarter was 33.3Mt (FY: 124.7Mt), a 20% increase YoY, driven
largely by the ongoing contractor waste-stripping programme
(11.5Mt), further improving mining flexibility within the open pit.
The strip ratio for the quarter was 10.6:1 (waste:ore) (FY:
10.7:1).
During Q4, open pit ore was mined from multiple working areas
and continued to focus primarily on Stage 5 North, with further ore
contributions from Stage 4 and Stage 7. Total open pit ore mined
for the quarter was 3.1Mt (FY: 11.7Mt), a 17% increase YoY, at an
average mined grade of 0.93 g/t Au (FY: 0.99g/t Au), no change
YoY.
During 2022 the accelerated waste-stripping programme has
delivered increased mining flexibility and access to higher grade
areas in the open pit, resulting in a 9% increase in ounces mined
year on year.
Underground Mining
In Q4, underground performance improved from Q3 as the new
underground equipment was delivered and commissioned.
Total material mined (waste and ore) was 300kt (FY: 1,077kt), a
47% increase YoY. Total ore mined was 233kt (FY 2022: 829kt) at an
average combined (stoping and development) grade of 4.25g/t Au (FY:
4.75g/t Au). This represented a 61% increase in ore tonnes YoY and
a 14% decrease in grade YoY.
The underground ore mined consisted of 138 kt of ore mined from
stopes at an average grade of 5.79g/t Au, and 95kt of ore mined
from development, at an average grade of 2.01g/t Au. Mined grades
were in line with H1 2022 with ore mined primarily from Ptah with
additions from Amun, Horus and Bast zones .
FY 2022 total material mined was in line with budget and
consistent with FY 2021, evidence to the capability of our team and
prudent planning to successfully manage the transition to owner
mining.
Processing
During Q4, the plant processed 3.0Mt of ore (FY: 12.1Mt), a 5%
decrease YoY, at an average feed grade of 1.23 g/t Au (FY: 1.26g/t
Au), a 11% increase YoY reflecting the higher open pit and
underground grades mined over the period.
The metallurgical gold recovery rate was 88.6% for the quarter
(FY: 88.2%), in line with budget.
During the quarter, the low-grade stockpiles remained broadly
unchanged at 18.9Mt at a grade of 0.46g/t Au.
For FY 2022 we saw an increase in throughput and grade with the
site team focussed on continued optimisation across areas such as
power consumption plus consumable and reagent usage. The addition
of a gravity circuit (under evaluation and development in 2023)
will target the recovery of higher-grade ore especially as we aim
to increase the contribution of underground ore.
EXPLORATION PROJECTS
The total greenfield exploration spend for the quarter was
US$8.0 million (FY: US$29.7 million).
Doropo Project, Cote d'Ivoire
The update provided in November 2022 highlighted the opportunity
to simplify the processing flowsheet, which had included a full
flotation and regrind circuit as part of the 2021 preliminary
economic assessment. Work over Q4 focussed on multi pit mining
optimisation and scheduling using the newly published resource
model in parallel with comminution and metallurgical test work
comparing whole ore leach versus flotation.
The PFS is expected to be completed in H1 2023.
Eastern Desert Exploration ("EDX") (Egypt)
Systematic fieldwork continued during Q4 aimed at identifying
potential commercial scale targets for drill testing. Fieldwork
consisted of regional-scale screening using bulk leach extractable
gold ("BLEG") sampling and identification of mineralised corridors
with soil sampling and chip channel sampling.
BLEG sampling was completed for the Nugrus and Um Rus blocks.
Closer spaced geological soil sampling and mapping on the Nugrus
block is well progressed, identifying potential targets for drill
testing starting in 2023.
Sukari Concession Exploration
Brownfield exploration across the 160km(2) Sukari Concession
amounted to US$3.6 million (FY: US$12.2 million) in the quarter and
is capitalised and included within the 2022 capex guidance.
Work is focused on the development of additional Mineral
Resources within the Sukari mining concession that can be converted
to Mineral Reserves and incorporated into the mine plan in the
shortest timeframe. The focus is on re-evaluation of old prospects
(Kurdeman and Quartz Ridge) and new targets which have been
developed over the last two years through systematic soil sampling
and geological mapping programmes. Highlights during the quarter
include:
-- 3,324 metres of resource drilling at the Kurdeman prospect
-- 5,815 metres of second phase exploration drilling at the new V-Shear East prospect
-- Re-logging, geological review and modelling with further
drilling planned on the update of a pit optimisation study at
Quartz Ridge prospect, and
-- Geological mapping of three newly defined drill targets (ARC,
SE Corner and Sami South), based on 2022 soil sampling programmes.
Drill testing scheduled for H1 2023.
SALES AND COSTS
Gold sales for the quarter were 108,441 oz (FY: 438,638oz), a 9%
increase YoY. The average realised gold price for the quarter was
US$1,735/oz (FY: US$1,794/oz), down 5% YoY. Revenues generated were
US$188.5 million (FY: US$788.4m), an increase of 3% YoY, driven by
higher gold sales countering a slightly lower gold price.
Cash costs of production were US$109.2 million for the quarter
(FY: US$402.5m), a 2% increase YoY, predominantly driven by
increased material moved and processed in the period. Inflationary
cost pressures around fuel and consumables have largely been offset
by cost-savings initiatives including the transition to underground
owner mining and the initial impact of the solar power plant. Open
pit costs increased during the quarter due to the increase in the
total open pit material mined. However, certain waste mining costs
have been capitalised to the balance sheet. Unit cash costs of
production were US$997/oz produced (FY: US$913/oz), no significant
change YoY.
Total all-in sustaining costs ("AISC") were US$156.8 million for
the quarter (FY: US$613.9m), a 16% increase YoY, resulting from a
72% increase in capex spend YoY, partly offset by inventory
movements. The AISC of US$1,445/oz Au sold (FY: US$1,399/oz)
increased 7% YoY, reflecting lower gold sales during the
quarter.
Despite the continuing inflationary pressures, we remain firmly
focussed on stringent cost control and improving productivity at
Sukari. We continue to make good progress with our US$150 million
stretch cost savings programme and continue to identify new
potential cost savings opportunities. Certain key projects
delivered during the year have started to have an impact on costs
and productivity. The commissioning of the solar plant in Q4, will
result in a potential cost saving of up to US$20 million per annum
at current fuel prices, and the final installation of the high
production truck trays will result in further productivity
gains.
Cost guidance for 2023 reflects prudent assumptions on input
costs and our focus remains on the ongoing cost-savings programme.
Cash cost guidance range of US$840-990/oz produced and AISC
guidance range of US$1,250-1,400/oz sold reflecting higher
sustaining capex, fuel prices and additional inflationary pressures
across our cost base.
Capital Expenditure
As part of the reinvestment programme at Sukari, key capital
projects progressed as scheduled during Q4, including the
underground paste-fill plant, underground infrastructure and
equipment upgrades, plant optimisation and the accelerated
waste-stripping programme.
From 2021, the Company implemented a more granular methodology
to the accounting and classification of waste-stripping costs, in
line with IFRS accounting standards. As such, there is an
accounting reclassification of open pit waste mining costs,
resulting in a reduction in total cash costs with a corresponding
equal increase in the sustaining expenditure and therefore AISC,
with no impact on net cash flow.
The table below illustrates the impact of the waste stripping
which is capitalised as sustaining and non-sustaining capital and
therefore reclassified out of operating expenditure ("opex"). The
gross capex in Q4 was US$70.0 million (FY: US$283.5m) and after
removing the impact of this waste mining accounting treatment,
adjusted capex was US$64.8 million (FY: US$224.3 m), which
reconciles with 2022 guidance.
Sukari capex guidance for 2023 is US$225 million, including:
-- US$110 million of sustaining capex
-- US$37 million of non-sustaining capex on projects such as
gravity circuit, expansion of the north dump leach, completion of
the paste plant and ongoing development of the second tailings
storage facility. (Note. Under the Sukari Concession Agreement,
these projects are cost recovered over three years)
-- US$78 million of non-sustaining capex on contractor waste stripping, and
This excludes US$48 million of sustaining deferred stripping
reclassified from operating costs.
Q4 2022 FY 2022 FY 2023E
(US$m) (US$m) (US$m)
========================================================================= ========= ========= ==========
Underground exploration 2.8 8.6 8
Underground mine development 8.0 32.0 31
Rebuilds, underground transition and other sustaining capex 22.8 72.8 71
Sustaining element of waste stripping capitalised* 5.2 51.5 48
========= ========= ==========
Sustaining expenditure capitalised 38.8 164.9 158
========================================================================= ========= ========= ==========
Solar plant, tailings storage facility 2 & underground paste fill plant 4.1 23.6 27
Contract waste stripping capitalised 25.4 89.8 78
Other non-sustaining capex 1.7 5.2 10
Non-sustaining expenditure capitalised 31.2 118.6 115.0
========= ========= ==========
Total expenditure capitalised 70.0 283.5 273.0
========================================================================= ========= ========= ==========
Less:
Sustaining element of waste stripping capitalised* (5.2) (51.5) (48)
Capitalised Right of Use Assets - (7.7) -
========================================================================= ========= ========= ==========
ADJUSTED CAPEX (after reclassification) 64.8 224.3 225.0
========================================================================= ========= ========= ==========
* Reclassified from Opex
FINANCIAL POSITION
Free Cash Flow
Under the terms of the Sukari Concession Agreement, the Egyptian
government earned US$5.6 million in royalty payments (FY: US$23.8m)
and received US$7.0 million in profit share payments during the
quarter (FY: US$35.5m). After Sukari profit share distribution,
Group exploration expenditure and corporate investing activities,
Group free cash flow for the quarter was negative US$2.9 million
(FY: negative US$17.6m), which was better than budgeted driven by
higher gold price, as the Company successfully completes the second
year of the three year reinvestment programme.
Balance Sheet
Centamin is in a strong financial position, with net cash and
liquid assets to US$156.6 million as at 31 December 2022, and after
the distribution of US$28.5 million in interim dividends. The
Company remains unhedged.
On 22 December 2022, Centamin announced the signing of a US$150
million sustainability-linked revolving credit facility, subject to
satisfying standard conditions precedent. The introduction of debt
onto the balance sheet provides greater financial capacity and
flexibility to fund the identified opportunities across our
portfolio. The sustainability targets will track tangible progress
in reducing our environmental footprint and strengthening our
social license to operate. Link to full announcement here .
CORPORATE
Batie West Project Disposal
In Q4 2022, Centamin fully completed the required procedure
under Article 110 of the 2015 Mining Code for the relinquishment of
the Konkera Batie West licence. All Centamin employees and
representatives were withdrawn from the Batie West site and the
Company has handed the licence area back to the government.
EDX Exploitation Terms
Centamin continues its ongoing constructive engagement with the
Egyptian government to finalise the details of the exploitation
terms applicable on the exploration blocks awarded in 2021. It
should be noted that any terms agreed do not impact the Sukari
Concession Agreement, which was awarded under Egyptian law 222 of
1994.
About Centamin
Centamin is an established gold producer, with a premium listing
on the London Stock Exchange and Toronto Stock Exchange. The
Company's flagship asset is the Sukari Gold Mine ("Sukari"),
Egypt's largest and first modern gold mine, as well as one of the
world's largest producing mines. Since production began in 2009
Sukari has produced circa 5 million ounces of gold, and today has a
projected mine life of 12 years.
Through its large portfolio of exploration assets in Egypt and
West Africa, Centamin is advancing an active pipeline of future
growth prospects, including the Doropo Project in Côte d'Ivoire,
and approximately 3,000km(2) of highly prospective exploration
ground in Egypt's Arabian Nubian Shield.
Centamin practices responsible mining activities, recognising
its responsibility to not only deliver operational and financial
performance but to create lasting mutual benefit for all
stakeholders through good corporate citizenship.
FOR MORE INFORMATION please visit the website www.centamin.com
or contact:
Centamin plc Buchanan
Alexandra Barter-Carse, Head of Corporate Bobby Morse /George Cleary
Communications + 44 (0) 20 7466 5000
investor@centaminplc.com centamin@buchanan.uk.com
NOTES
Financials
Financial data points included within this report are
unaudited.
Non-GAAP measures
This statement includes certain financial performance measures
which are non-GAAP measures. These include Cash costs of
production, AISC, Cash and liquid assets, and Free cash flow.
Management believes these measures provide valuable additional
information for users of the financial statements to understand the
underlying trading performance. Definitions and explanation of the
measures used along with reconciliation to the nearest IFRS
measures are detailed in the Company's 2021 Annual Report
www.centamin.com/investors/results-reports/ .
Adjusted capital expenditure
Excludes the sustaining capital element of the
waste-stripping.
Exploration expenditure
Exploration expensed covers all exploration activities excluding
the Sukari Concession Agreement and are expensed in the period they
are incurred.
Royalties
Royalties are accrued and paid six months in arrears.
Cash and liquid assets
Cash and liquid assets include cash, bullion on hand and gold
sales receivables.
Qualified Person
Information of a scientific or technical nature in this document
was prepared under the supervision of Craig Barker, an employee of
the Company and a Qualified Person, as such term is defined by
National Instrument 43-101 Standards of Disclosure for Mineral
Projects of the Canadian Securities Administrators.
The Qualified Person has verified the data disclosed, including
sampling, analytical, and test data underlying the information or
opinions contained in this announcement in accordance with
standards appropriate to their qualifications.
Forward-looking Statements
This announcement (including information incorporated by
reference) contains "forward-looking statements" and
"forward-looking information" under applicable securities laws
(collectively, "forward-looking statements"), including statements
with respect to future financial or operating performance. Such
statements include "future-oriented financial information" or
"financial outlook" with respect to prospective financial
performance, financial position, EBITDA, cash flows and other
financial metrics that are based on assumptions about future
economic conditions and courses of action. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "believes", "expects",
"expected", "budgeted", "forecasts" and "anticipates"." and include
production outlook, operating schedules, production profiles,
expansion and expansion plans, efficiency gains, production and
cost guidance, capital expenditure outlook, exploration spend and
other mine plans. Although Centamin believes that the expectations
reflected in such forward-looking statements are reasonable,
Centamin can give no assurance that such expectations will prove to
be correct. Forward-looking statements are prospective in nature
and are not based on historical facts, but rather on current
expectations and projections of the management of Centamin about
future events and are therefore subject to known and unknown risks
and uncertainties which could cause actual results to differ
materially from the future results expressed or implied by the
forward-looking statements. In addition, there are a number of
factors that could cause actual results, performance, achievements
or developments to differ materially from those expressed or
implied by such forward-looking statements; the risks and
uncertainties associated with the ongoing impacts of COVID-19 or
other pandemic, general business, economic, competitive, political
and social uncertainties; the results of exploration activities and
feasibility studies; assumptions in economic evaluations which
prove to be inaccurate; currency fluctuations; changes in project
parameters; future prices of gold and other metals; possible
variations of ore grade or recovery rates; accidents, labour
disputes and other risks of the mining industry; climatic
conditions; political instability; decisions and regulatory changes
enacted by governmental authorities; delays in obtaining approvals
or financing or completing development or construction activities;
and discovery of archaeological ruins.
Financial outlook and future-ordinated financial information
contained in this news release is based on assumptions about future
events, including economic conditions and proposed courses of
action, based on management's assessment of the relevant
information currently available. Readers are cautioned that any
such financial outlook or future-ordinated financial information
contained or referenced herein may not be appropriate and should
not be used for purposes other than those for which it is disclosed
herein. The Company and its management believe that the prospective
financial information has been prepared on a reasonable basis,
reflecting management's best estimates and judgments at the date
hereof, and represent, to the best of management's knowledge and
opinion, the Company's expected course of action. However, because
this information is highly subjective, it should not be relied on
as necessarily indicative of future results. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such information or
statements, particularly in light of the current economic climate
and the significant volatility, uncertainty and disruption caused
by the outbreak of COVID-19. Forward-looking statements contained
herein are made as of the date of this announcement and the Company
disclaims any obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise. Accordingly, readers should not place undue reliance on
forward-looking statements.
LEI: 213800PDI9G7OUKLPV84
Company No: 109180
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