We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Centamin Plc | LSE:CEY | London | Ordinary Share | JE00B5TT1872 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -2.50 | -1.88% | 130.40 | 130.20 | 130.40 | 132.60 | 129.60 | 132.60 | 1,597,827 | 14:08:42 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Metal Mining Services | 891.26M | 92.28M | 0.0795 | 16.42 | 1.54B |
Hot Features
Premium
RNS Number:5290R
Centamin Egypt Limited
31 October 2003
CENTAMIN EGYPT LIMITED
QUARTERLY REPORT FOR THE PERIOD ENDING 30 SEPTEMBER 2003
CORPORATE
As previously reported, the company is in ongoing discussions with the Egyptian
Geological Survey and Mining Authority (EGSMA) and the Minister for Industry in
order to obtain the renewal of security passes for its staff and contractors, so
that work may resume at the Sukari gold project.
Also previously advised, the company instigated Arbitration proceedings in the
Regional Centre for Commercial Arbitration, as well as an action in the
Administrative Court of Cairo to ensure a return to work. These proceedings are
ongoing.
The company also initiated action via the Ministerial Dispute Committee of the
Egyptian General Authority for Investment (GAFI). This committee is chaired by
the Deputy Prime Minister, Dr.Youssef Wali and is responsible for resolving
disputes that may arise between investors and the relevant Minister.
Following the Company's submission to GAFI the Committee unanimously ruled that
work should resume without delay. In order for this decision to be binding on
EGSMA it required a full meeting of the Cabinet and Prime Ministerial approval.
The Cabinet met on the 22nd September and ratified the resolution of GAFI, and
on the 4th October issued a notice to EGSMA, ordering EGSMA to sign the required
permits allowing a return to work.
Centamin is therefore pleased to have its rights officially ratified by GAFI and
the Cabinet and is now actively pursuing EGSMA for execution of all
documentation.
The Sukari project is the most advanced gold project in Egypt and will be the
first gold producer in the modern era and as such Centamin understands that it
is important to seek resolution to these matters in a non-confrontational and
co-operative manner if possible.
Although this approach has taken significantly more time, we believe it has and
will provide for an even more supportive framework in which to deal with the
government during the lead up to and through project construction.
The company is confident that the approvals mentioned above will be forthcoming
however it is important to resolve all such procedural issues to the company's
satisfaction prior to considering the decision to commence development of the
Sukari gold project.
The Company has 7 drilling rigs mobilised to resume the task of completing
infill over the Amun zone along with step out and infill drilling on the Ra zone
and across to the Gazelle zone, where existing adits have shown wide mineralised
zones, with one adit channel sample assaying 38m @ 7.73g/t.
The recent completion of geological mapping over the entire Sukari hill
strengthens the company's belief that further drilling will considerably add to
the current resource of 3.06 million ounces.
This resource is contained predominantly within the Amun Zone which is up to
200m wide however mineralisation in the Ra zone increases to over 500m in width
and surface sampling indicates the continued presence of gold. Initial drilling
in the Ra Zone returned intersections of :-
54m @ 3.11g/t Au, 49m @ 2.1g/t Au, 40m @ 2.09g/t Au,
50m@2.05g/t Au, 10m @ 5.83g/t Au, 60m @ 2.20g/t Au
These intersections have been previously reported in the Company's 2003 Annual
Report.
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.
Name of entity
Centamin Egypt Limited
ABN Quarter ended ("current quarter")
------------------- ------------------
86 007 700 352 30 September 2003
------------------- ------------------
Consolidated statement of cash flows
------------ ------------
Year to date
Current quarter (3 months)
------------ ------------
$A'000
Cash flows related to operating activities $A'000
------------ ------------
1.1 Receipts from product sales and
related debtors ------------
----------------------
1.2 Payments for (a) exploration ( 682) ( 682)
and
evaluation
(b) development ( 88) ( 88)
(c) production
(d) administration ( 152) ( 152)
1.3 Dividends received
1.4 Interest and other items of a similar 249 249
nature received
1.5 Interest and other costs of finance
paid
1.6 Income taxes paid
1.7 Legal Settlement ( 200) ( 200)
------ ---------------------- ------------ ------------
Net Operating Cash Flows ( 873) ( 873)
Cash flows related to investing
activities
1.8 Payment for purchases of: (a)prospects
(b) equity
investments
(c) other fixed ( 35) ( 35)
assets
1.9 Proceeds from sale of: (a)prospects
(b) equity
investments
(c) other fixed
assets
1.10 Loans to other entities
1.11 Loans repaid by other entities
1.12 Other (provide details if material)
------------ ------------
Net investing cash flows ( 35) ( 35)
------------ ------------
1.13 Total operating and investing cash ( 908) ( 908)
------ flows (carried forward) ------------ ------------
----------------------
------ ----------------------
1.13 Total operating and investing cash flows ( 908) ( 908)
(brought forward) ------------ ------------
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options,
etc.
1.15 Proceeds from sale of forfeited shares
1.16 Proceeds from borrowings
1.17 Repayment of borrowings
1.18 Dividends paid
1.19 Cost of Fund Raising
------------ ------------
Net financing cash flows
------------ ------------
Net increase (decrease) in cash held ( 908) ( 908)
1.20 Cash at beginning of quarter/year to date 24,627 24,627
1.21 Exchange rate adjustments to item 1.20 ( 36) ( 36)
------------ ------------
1.22 Cash at end of quarter 23,683 23,683
------ ---------------------- ------------ ------------
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related
entities
-------------
Current quarter
$A'000
-------------
1.23 Aggregate amount of payments to the parties included 160
------ in item 1.2 -------------
--------------------------------
1.24 Aggregate amount of loans to the parties included in
item 1.10
1.25 Explanation necessary for an understanding of the transactions
-------------------------------------------
(a) Mr Sami El-Raghy, a director and employee of the Company received
salary and superannuation for the quarter amounting to $64,694.
(b) Mr Josef El-Raghy, a director and employee of the Company received
salary and superannuation for the quarter amounting to $56,150.
(c) Mr Sami El-Raghy is also a Director and Shareholder of
El-Raghy Kriewaldt Pty Ltd ("El-Raghy Kriewaldt"). El-Raghy Kriewaldt
provide office premises to the Company. All dealings with El-Raghy
Kriewaldt are in the ordinary course of business and on normal
terms and conditions. Rent paid to El-Raghy Kriewaldt during the current
quarter amounted to $12,636.
(d) Directors Fees and superannuation paid during the quarter amounted
to $19,875.
(e) Consulting Services
Dr T Elder, a non-executive director provides additional consulting
services to the Company.
All dealings with Dr T Elder are in the ordinary course of business and
on normal terms and conditions. Consulting fees paid to Dr T Elder
during the current quarter amounted to $6,211.
-------------------------------------------
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a material
effect on consolidated assets and liabilities but did not involve cash
flows
--------------------------------------------
--------------------------------------------
2.2 Details of outlays made by other entities to establish or increase their
share in projects in which the reporting entity has an interest
--------------------------------------------
--------------------------------------------
Financing facilities available
Add notes as necessary for an understanding of the position.
------------- -------------
Amount available Amount used
$A'000 $A'000
------------- -------------
3.1 Loan facilities
----- ----------------------- ------------- -------------
3.2 Credit standby arrangements
----- ----------------------- ------------- -------------
Estimated cash outflows for next quarter
$A'000
------------------
4.1 Exploration and evaluation 1,756
------------------
4.2 Development 115
----- ----------------------------- ------------------
1,871
Total
----- ----------------------------- ------------------
Reconciliation of cash
------------------------- ------------ -------------
Reconciliation of cash at the end of the Current quarter Previous quarter
quarter (as shown in the consolidated
statement of cash flows) to the related
items in the accounts is as follows.
$A'000 $A'000
------------------------- ------------ -------------
-------------
5.1 Cash on hand and at bank 1,194 1,194
------------ -------------
5.2 Deposits at call 7,811 7,811
------------ -------------
5.3 Bank overdraft
------------ -------------
5.4 Term Deposit 14,678 14,678
----- ---------------------- ------------ -------------
Total: cash at end of quarter 23,683 23,683
----- (item 1.22) ------------ -------------
----------------------
Changes in interests in mining tenements
-------- --------------- -------- --------
Tenement Nature of Interest at Interest
reference interest beginning of at end of
quarter quarter
(note (2))
-------- --------------- -------- --------
6.1 Interests in mining
tenements
relinquished, reduced
or lapsed
-------- --------------- -------- --------
6.2 Interests in mining
tenements acquired or
increased
-------- --------------- -------- --------
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights
together with prices and dates.
Total Number Issue price per Amount paid up
-------------- number quoted security (see per security
---------- ---------- note 3) (cents) (see note 3)
---------- (cents)
------------
------------
7.1 Preference
------ +securities ---------- ---------- ---------- ------------
(description)
----------
7.2 Changes
during
quarter
(a) Increases
through
issues
(b) Decreases
through ---------- ---------- ---------- ------------
returns of
capital,
buy-backs,
redemptions
7.3 +Ordinary
securities
501,910,369 501,910,369
---------- ---------- ---------- ------------
7.4 Changes
during
quarter
(a) Increases
through
issues
(b) Decreases
------ through ---------- ---------- ---------- ------------
returns of
capital,
buy-backs
----------
7.5 +Convertible
debt ---------- ---------- ---------- ------------
securities
(description)
7.6 Changes
during
quarter
(a) Increases
through
issues
(b) Decreases
------ through ---------- ---------- ---------- ------------
securities
matured,
converted
----------
7.7 Options Exercise price Expiry date
(description
and
conversion
factor)
49,999,744 NIL 20 cents 09/11/2003
---------- ---------- ---------- ------------
7.8 Issued during
quarter ---------- ---------- ---------- ------------
7.9 Exercised
during ---------- ---------- ---------- ------------
quarter
7.10 Expired
------ during ---------- ---------- ---------- ------------
quarter
----------
7.11 Debentures
(totals only)
------ ---------- ----------
----------
7.12 Unsecured
notes (totals
only)
---------- ----------
Compliance statement
1 This statement has been prepared under accounting policies which
comply with accounting standards as defined in the Corporations Act or other
standards acceptable to ASX (see note 4).
2 This statement does give a true and fair view of the matters
disclosed.
Sign here: Company Secretary Date: 31 October 2003
Print name: Mrs Cecilia Tyndall
Notes
1 The quarterly report provides a basis for informing the market how
the entity's activities have been financed for the past quarter and the effect
on its cash position. An entity wanting to disclose additional information is
encouraged to do so, in a note or notes attached to this report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options in
respect of interests in mining tenements acquired, exercised or lapsed during
the reporting period. If the entity is involved in a joint venture agreement and
there are conditions precedent which will change its percentage interest in a
mining tenement, it should disclose the change of percentage interest and
conditions precedent in the list required for items 6.1 and 6.2.
3 Issued and quoted securities The issue price and amount paid up is not
required in items 7.1 and 7.3 for fully paid securities.
4 The definitions in, and provisions of, AASB 1022: Accounting for
Extractive Industries and AASB 1026: Statement of Cash Flows apply to this
report.
5 Accounting Standards ASX will accept, for example, the use of
International Accounting Standards for foreign entities. If the standards used
do not address a topic, the Australian standard on that topic (if any) must be
complied with.
This information is provided by RNS
The company news service from the London Stock Exchange
END
QRFDGMFGLMGGFZG
1 Year Centamin Chart |
1 Month Centamin Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
