Centamin's 4Q Operating Profit More Than Doubles

By Mike Obel | January 30 2012 9:35 AM

(REUTERS) -- Miner Centamin, which operates the first modern gold mine in Egypt, more than doubled its fourth-quarter operating profit and said it expects 2012 production to rise by more than 20 percent from last year, with cash costs easing.

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Centamin Egypt facility

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Operating profit for the final three months of 2011 came in at $37.5 million, marginally below some analysts' expectations, but up from $18.4 million a year previously.

Egypt-focused Centamin, which announced a 35 percent jump in 2011 gold production to 202,698 ounces earlier this month, said on Monday it expected 2012 production to hit 250,000 ounces.

Cash costs are expected to dip to $550 per ounce this year from $556 over 2011, but will be above $473 hit in the fourth quarter.

Centamin's London-listed shares, which have risen 13 percent in the last month, were up 1.5 percent to 97.7 pence at 0808 GMT, valuing the firm at about 1.06 billion pounds ($1.66 billion).