Andrew Pardey, chief executive, said Centamin delivered another “solid quarter”, producing a record 148,674 ounces of gold in the three months to September 30, a third higher than the year before. Meanwhile costs continued to fall. “We therefore expect full-year 2016 production towards the upper end of our guidance range and costs towards the low end of our guidance range,” he added.
Revenue climbed 40pc in the quarter to $200.8m, while pre-tax profits soared to $93.7m from just $6.2m in the same quarter a year ago.
The company is focused on developing underground operations at Sukari, and has high hopes for drilling on the northern edge of its deposit, where it may be able to tap high-grade gold.
Richard Hatch, analyst at RBC, said the start of the profit-sharing “should not detract from the strong financial performance of the company even after the profit-share payment”.
Centamin’s shares rose 0.9pc to £1.57. In the year to date, the stock is up 145pc, making it one of the best performers in the FTSE 250.