Centamin Egypt is on Thursday expected to report a rise in second quarter gold production, supported by the commissioning of the Stage 4 plant and improved grades.
In its preliminary results for the quarter in July, the mining company said total gold production from its Sukari gold mine was 81,281 ounces, a 9% increase on the first quarter and 13% lower than the same period a year ago. Centamin maintained its full-year forecast of 420,000.
"Commissioning activities delivered the first material contribution from the Stage 4 plant expansion during the quarter, and the processing operation goes into the second half of the year at target productivity levels and on track to hit the expanded 10Mtpa nameplate capacity," chairman Josef El-Raghy said at the time.
Numis said the firm will need to knock out a "challenging" 264,000 in the second half to meet its full-year forecast.
The broker said underground productivity and plant throughput are well above plan, but underground grades and securing blasting permits will be key.
"Financials: Earning per share of 1.7c (Net profit after tax $18m, first quarter 1.6c, first half 5.8c), earnings before interest, tax, depreciation and amortisation (EBITDA) of $31m, down slightly quarter on-quarter," Numis added.
"Balance sheet flat but remaining strong - $145m cash, as cap expenditure is peaking. Cash operating costs $775 per ounce, up quarter on-quarter on lower grades and higher strip."
Other companies reporting on Thursday include Cineworld and Rank Group.
Following the earnings session focus will turn to the release of German and Eurozone economic growth data and Eurozone inflation. The European Central Bank has been under pressure to do more to boost the euro-area's stagnant recovery and weak consumer prices.
Thursday 14 August
Afarak Group (DI), AZ Electronic Materials SA (DI), Centamin (DI), Cineworld Group, Ophir Energy, Partnership Assurance Group , Societatea Nationala De Gaze Naturale Romgaz S.A. GDR (Reg S), Talvivaara Mining Company (CDI), X5 Retail Group NV GDR (Reg S)
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