Centamin PLC (LSE:CEY, TSX:CEE, OTC:CELTF) announced an interim dividend of 2.5 US cents per share alongside its first-half results for 2022.
Revenue for the six months ended 30 June 2022 was US$382mln from gold sales of 203,587 ounces at an average realised gold price of US$1,872/oz.
Underlying profit (EBITDA) was US$153.1mln, with a 40% EBITDA margin.
“Centamin has delivered strong performance against guidance and its long-term plans during the first half of the year,” said chief executive Martin Horgan.
“We are now starting to see the benefit of the reinvestment programme as the revised mine plan delivered improved production and costs during Q2 2022.”
The company previously reported that gold production and revenue in the second quarter had grown 11% and 17% respectively on the year-earlier quarter.
READ: Centamin reports 11% increase in gold production for second quarter
Centamin produced 203,898 ounces of gold in the first half, at all-in sustaining costs (AISC) of US$1,446 an ounce, which saw a 22% increase year on year.
However, despite cost pressures, Centamin remains on track to achieve its annual cost and production guidance for 2022 as a result of continued focus on its operational plans, along with cost control and mitigation measures.
It reiterated that it expects to produce 430,000 to 460,000 ounces for the full year with AISCs at the upper end of its US$1,275-1,425 per ounce guidance range.
The group’s capital expenditure so far this year has been US$139mln, and the full-year capex budget is US$225.5mln, as the company reinvigorates Sukari mine for the long term through a period of significant reinvestment.
Progress was made during the first six months on the key capital projects, including the 36MW solar plant, which will bring significant cost and carbon emission benefits to the mine site. The solar power plant is expected to be commissioned in Q3 2022.
The interim dividend equated to a distribution of roughly US$29mln.