Centamin plc has declared a second interim dividend of 6 US cents per share
During the six months ended 30 June 2020, US$101 million was paid (H1 2019: US$39 million) as dividends to the non-controlling interest ("NCI") in Sukari Gold Mine ("SGM"), being the Egyptian Mineral Resources Authority ("EMRA").
Dividends paid to the non-controlling interest in SGM being EMRA, pursuant to the provisions of the Concession Agreement, are recognised as a non-controlling interest attributable to SGM. EMRA does not own shares in Centamin, therefore Group earnings per share is calculated on the profit attributable to the owners of the parent.
The profit share payments during the year will be reconciled against SGM's audited financial statements. Any variation between payments made during the year (which are based on the Company's estimates) and the audited financial statements, may result in a balance due and payable to EMRA or advances to be offset against future distributions. SGM's June 2019 financial statements are currently being audited.
Other financial highlights include:
Adjusted EBITDA was US$255 million, a 57% EBITDA margin, and profit before tax was US$191 million
Adjusted Group free cash flow generated was US$102 million, after US$114 million was distributed in profit share and royalties to our partner, the Egyptian state
Net profit attributable to shareholders was US$75 million
Revenue for the six months ended 30 June 2020 ("H1") was US$449 million from gold sales of 270,529 ounces at an average realised gold price of US$1,657 per ounce
Operations, supply chain and gold shipments have not been materially impacted by the COVID-19 pandemic. Related costs incurred due to COVID-19 were US$5.7 million, as at 30 June 2020
Cash cost of production was US$642 per ounce produced, within the annual guidance range of US$630 to US$680 per ounce
All-in sustaining costs ("AISC") were US$899 per ounce sold, within the annual guidance range of US$870 to US$920 per ounce
Capital expenditure of US$52 million, below budget and in response to COVID-19 with the deferral of non-essential capital projects, thereby reducing the third-party access on site
Strong and flexible balance sheet with no-debt or hedging and net cash and liquid assets of US$367 million, as at 30 June 2020, after payment of the first interim dividend of US$69 million on 15 May 2020
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