Centamin profits are doubled as 2012 production forecasts lifted

MINER Centamin, which operates the first modern gold mine in Egypt, more than doubled its fourth-quarter operating profits and said yesterday it expects 2012 production to rise by more than 20 per cent from last year, with cash costs easing.

Operating profit for the final three months of 2011 came in at $37.5m (£23.9m), marginally below some analysts’ expectations, but up from $18.4m a year previously.

Centamin said on it expected 2012 production to hit 250,000 ounces, up more than 20 per cent on 2011.