May 16 Gold miner Centamin Plc said on
Friday it intends to begin paying a dividend during the current
The company, which mines gold from its flagship Sukari mine
in Egypt, said it would announce its maiden interim dividend
when it released interim financial results.
Centamin, scheduled to report results in mid-August, said it
would aim to approve an annual dividend equal to 15-30 percent
of the company's net cash flow after capital costs and the
payment of profit share due to the government of Egypt.
Centamin's shares rose as much as 2 percent after the
company's announcement, before reversing course to trade down
0.8 percent at 61.30 pence at 1056 GMT on the London Stock
Exchange on Friday.
"While confirmation of a maiden interim dividend this year
is good news, the likely quantum of ... dividends is lighter
than we had been hoping for," analysts at Investec Securities
wrote in a note.
The company's net cash from operating activities was $245.14
million for the year ended Dec. 31.
(Reporting by Karen Rebelo in Bangalore; Editing by Savio