TIDMCEY
RNS Number : 1625H
Centamin PLC
26 July 2023
26 July 2023
Centamin plc
("Centamin" or "the Company" or "the Group")
(LSE:CEY, TSX:CEE)
interim dividend declaration
for the six months ended 30 June 2023 ("H1 2023")
Consistent with the Company's stated commitment to shareholder
returns, the Centamin Board of Directors are pleased to declare an
interim dividend of 2.0 US cents per share (US$23 million), for the
six months ended 30 June 2023.
As per the dividend policy, this distribution is in line with
the commitment to return a minimum of 30% of Group free cash flow
before growth capital expenditure(1) to shareholders in cash
dividends. In consideration of the below factors, and reflecting
the Board's confidence, a total of 56% of H1 2023 Group free cash
flow before growth capex will be distributed to shareholders on 29
September 2023:
-- Centamin is in a financially robust position with US$161 million in cash and liquid assets
-- The US$150 million sustainability linked revolving credit
facility remains undrawn as a result of H1 2023 growth capex being
funded from cash flow
-- The gold price protection programme limits the revenue
downside risk below US$1,900/oz gold price
-- The Company is operationally and financially well positioned
for a stronger H2 2023, in line with plan
The interim dividend is calculated by the following:
30 June 2023
US$'000
---------------------------------------------------------- --------------------
Group free cash flow 19,362
----------------------------------------------------------- --------------------
Add back:
Growth capex financed from treasury[1] 21,818
Cash flow available for dividends 41,180
30% minimum distribution as per dividend policy (12,354)
----------------------------------------------------------- --------------------
Surplus cash flow for discretionary capital allocation[2] 28,826
Board interim dividend supplement (10,814)
Total interim dividend declared 23,168
----------------------------------------------------------- --------------------
Dividend Timetable ([3])
Below is the final dividend timetable for the London Stock
Exchange and Toronto Stock Exchange:
-- Ex-Dividend Date: 31 August 2023
-- Record Date: 1 September 2023
-- Last Date for Currency Elections: 4 September 2023
-- Payment Date: 29 September 2023
D ividend Currency Elections
The dividend will be paid on 29 September 2023, in US Dollars
("USD") with an option for shareholders to elect to receive the
dividend in Pounds Sterling ("GBP"). Currency elections should be
made no later than 4 September 2023 as per the instructions
detailed on the Company website ( www.centamin.com ). Payments in
GBP will be based on the USD/GBP exchange rate on 5 September 2023
and the rate applied will be published on the website
thereafter.
As a Jersey incorporated company, there is no requirement for
Centamin plc to make any withholding or deduction on account of
Jersey tax in respect of the dividend.
About Centamin
Centamin is an established gold producer, with a premium listing
on the London Stock Exchange and a secondary listing on the Toronto
Stock Exchange. Following a period of 'reset' including a
significant refresh of the Board and management team, the Company
is now entering a growth phase, balanced with stakeholder returns.
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 over 5 million ounces of gold, and today has
6.0Moz in gold Mineral Reserves. Through its large portfolio of
exploration assets in Egypt and Côte d'Ivoire, Centamin is
advancing an active pipeline of future growth prospects, including
the Doropo project in Côte d'Ivoire, and has over 3,000km(2) of
highly prospective exploration ground in Egypt's Nubian Shield.
Centamin practices responsible mining activities, recognising
its responsibility to deliver operational and financial performance
and create lasting mutual benefit for all stakeholders through good
corporate citizenship, including but not limited to in 2022,
achieving new safety records (8 million hours LTI-free),
commissioning of the largest hybrid solar farm for a gold mine
(Sukari 36MW(DC) solar plant), sustaining a 96% Egyptian workforce
and a 68% Egyptian supply chain at Sukari.
FOR MORE INFORMATION please visit the website www.centamin.com
or contact:
Centamin plc FTI Consulting
Alexandra Barter-Carse, Head of Corporate Ben Brewerton / Sara Powell
Communications / Nick Hennis
investor@centaminplc.com +442037271000
centamin@fticonsulting.com
------------------------------------------- -----------------------------
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 direct or indirect 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, the risks and uncertainties
associated with the direct and indirect impacts 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
[1] Defined as Sukari growth capex funded from Treasury and
available for cost-recovery as per the Concession Agreement. The
FY23 estimated growth capex funded from treasury is US$53m
[2] Discretionary capital allocation options include future
project investment, portfolio optimisation, supplemental
shareholder returns
[3] The dates set out above are based on the Directors' current
expectations and may be subject to change. If any of the dates
should change, the revised dates will be announced by a regulatory
news announcement and will be available at www.centamin.com .
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END
DIVNKPBDABKDQOB
(END) Dow Jones Newswires
July 26, 2023 02:01 ET (06:01 GMT)
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