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Centamin shares rise on strong revenue

Centamin shares rose on Tuesday morning after the group posted a strong 2020 performance and a rise in revenue.

Group revenue for the year rose 25% from $658.1m to $829m. Gold sales for the quarter dropped 42% as the group mined lower grade material.

Martin Horgan, CEO of Centamin, said: “Today’s quarterly and subsequent full year 2020 results were delivered in-line with the revised guidance we issued in October.

“This follows the capital markets event we hosted in December, where we presented the conclusions of the Phase One Life of Asset review and three-year outlook, detailing clear cost-saving, exploration and productivity initiatives, forming part of our plans to unlock Sukari’s potential.”

Last year, Endeavour Mining ended merger talks with the group.

“We remain convinced about the strategic rationale of combining Endeavour and Centamin to create a diversified gold producer with a high-quality portfolio of assets,” said Endeavour Chief Executive Sebastien de Montessus.

“The quality of information received during the accelerated due diligence process has been insufficient to allow us to be confident that proceeding with a firm offer would have been in the best interests of Endeavour shareholders.”

Centamin shares are trading +3.07% at 119,76 (0958GMT). In the year-to-date, shares have fallen from highs of 233,30.

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