Gold miner Centamin's Q2 profit nearly halves

Egypt - Gold miner Centamin's second-quarter core earnings nearly halved as it mined lower-grade ore at its key Sukari mine in Egypt.

The company said core earnings or earnings before interest, taxation, depreciation and amortisation (Ebitda), fell 49% to $32.6m for the quarter ended June 30 from a year earlier.

However, Centamin, which mines gold from its only producing mine Sukari, maintained its full-year production guidance of 420 000 ounces of gold at cash cost of $700 per ounce.

Quarterly production fell 13% to 81 281 ounces of gold. The company also said it would pay a maiden interim dividend of 0.87 cents per share.