It was a good news-bad news update from Centamin PLC (TSX:CEE, LSE:CEY, OTC:CELTF), the Egypt-focused gold miner.
The good: the largest ever increase in the reserve base of the Sukari operation, which provided a 12-year plus mine schedule.
The bad: The production guidance for Sukari disappointed (slightly), while costs are likely to be higher.
“Our investment thesis remained unchanged, we reiterate our sell rating,” said City broker Liberum in a note to clients. It reckons the shares are worth 86p (current price 92p, unchanged on the day).
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