Centamin dividends to exceed $100m in 2020 and 2021

Centamin (DI)

155.00p

17:15 07/11/24

2.99%

4.50p

Centamin said it would pay more than $100m (£74.4m) of dividends in each of the next two years as the gold miner set out production and cost-cut targets.

Mining

11,474.12

17:04 07/11/24

-0.16%

-18.76

The FTSE 250 company said it intended to pay a $35m final dividend for 2020 taking the annual payout to $104m. In 2021 it is targeting a minimum annual dividend of $105m.

Centamin said it was aiming for $100m of cost cuts by 2024 and that it was positioning its Sukari mine in Egypt to produce 450,000-500,000 ounces of gold a year at all-in costs of less than $900 per oz sold from 2024.

Chief Executive Martin Horgan said: "Today we are setting out how we will unlock Centamin's potential. We have already strengthened the board and management as we embark on a programme to optimise Sukari and ensure it remains one of the world's leading, low-cost gold mines for the long-term. By generating strong and sustainable cash flows, we will be able to exploit our excellent growth opportunities while delivering returns for all our stakeholders."

The company published its ambitions ahead of a presentation to investors. It cut 2020 production guidance for Sukari in October after halting operations because of movement.