Strong results at Centamin as it warns of Egypt court case delay

EGYPTIAN gold miner Centamin tried to put its Sukari woes behind it yesterday as it posted strong operational results for the year.

Pre-tax profit for the year was logged at $198.6m (£131.4m) – up from $193.9m in 2011 – on revenues 25 per cent higher at $426m, helped by rigorous cost control and a higher gold price, Centamin said.

At the end of last year the FTSE 250 miner was hit by a dispute over diesel supplies and a customs request to halt gold exports, although last week it said it had permission to keep running the Sukari mine amid a row with the Egyptian courts.

Centamin, which has continued to mine gold throughout the period, is appealing the court ruling that questioned its right to operate Sukari, and said it was confident of a win during the appeal process although it warned the resolution process “could take some time”.

Sukari gold mine produced 262,828 ounces of gold over the year, a 30 per cent increase year on year.