GENERATING CAPITAL RETURNS
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1 GENERATING CAPITAL RETURNS Denver Gold Forum Colorado Springs September 2018
2 DISCLOSURES Forward Looking Statements Forward Looking Statements: There are risks associated with an investment in the shares of Centamin plc ( Centamin or the Company ). Recipients of this presentation should review the risk factors and other disclosures regarding Centamin referred to in the section entitled Principal risks affecting the Centamin Group in (i) our most recent Annual Information Form; and (ii) our Management Discussion & Analysis reports, in each case available at This presentation contains "forward-looking statements" (which include forward-looking information within the meaning of Canadian securities legislation) which may include, but are not limited to, statements with respect to the future financial or operating performance of the Company, its subsidiaries, affiliated companies, its projects (including the Sukari mine), the future price of gold, the estimation of mineral reserves and resources, the realisation of mineral reserve and resource estimates, the timing and amount of estimated future production, revenues, margins, costs of production, estimates of initial capital, sustaining capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of future exploration, requirements for additional capital, foreign exchange risks, governmental regulation of mining and exploration operations, timing and receipt of approvals, consents and permits under applicable mineral legislation, environmental risks, title disputes or claims, limitations of insurance coverage and regulatory matters. These forward-looking statements are provided for the purposes of assisting the reader in understanding the Company s financial position and results of operations as at and for the periods ended on certain dates, and to present information about management s current expectations and plans relating to the future. Readers are cautioned that forward-looking statements may not be appropriate for other purposes than outlined in this presentation. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "hopes", aims, assumes, seeks, targets, projects, "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or may be identified by statements to the effect that certain actions, events or results "may", "could", "would", should, "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and a variety of material factors (many of which are beyond the Company s control) which may cause the actual results, performance or achievements of the Company, its subsidiaries and affiliated companies to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, future price of gold; general business, economic, competitive, political and social uncertainties; the actual results of current exploration and development activities; conclusions of economic evaluations and studies; fluctuations in the value of the US dollar relative to the local currencies in the jurisdictions of the Company s key projects; changes in project parameters as plans continue to be refined; possible variations of ore grade or projected recovery rates; accidents, labour disputes or slow-downs and other risks of the mining industry; climatic conditions; political instability, insurrection or war; civil unrest or armed assault; labour force availability and turnover; delays in obtaining financing or governmental approvals or in the completion of exploration and development activities. The reader is also cautioned that the foregoing list of factors is not exhaustive. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this presentation and, except as required by applicable law, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Competent Persons: Information in this presentation which relates to exploration, geology, sampling and drilling is based on information compiled by geologist, Mr Norm Baillie, who, as an accredited Chartered Professional Geologist and Manager through the Geological Society of the United Kingdom and the Australasian Institute of Mining and Metallurgy, is an Competent Person for this purpose and a Qualified Person as defined in National Instrument of the Canadian Securities Administrators. Refer to the Company s annual report for 2017, for further discussion of the extent to which the estimate of mineral resources/reserves may be materially affected by any known environmental, permitting, legal, title, taxation, socio-political, or other relevant issues. 2
3 OUR ASSETS World class mine with value driven organic growth pipeline Côte d Ivoire Exploration 3,472km 2 license holding Doropo: 1.35Moz Indicated and 1.2Moz Inferred resource; PEA underway ABC: New target generation over an 80km strike gold mineralization Burkina Faso Exploration 1,258km 2 license holding, including 1 exploitation permit Batie: 1.9Moz Indicated and 1.3Moz Inferred resource 160km district-scale greenstone belt Operating Mine Exploration Project Egypt Operating mine, Sukari Gold Mine Produced approximately 3.1Moz Au to avg cash cost of $618/oz 2017A produced AISC $790/oz 2018F AISC $ /oz 11.8Moz JORC resource, 8.0Moz reserve; orebody remains open at depth +20 year open pit LOM, with +5 year underground LOM Located 750km from Cairo in SE Desert, 31km from Marsa Alam (international airport) Red Sea resort town 3 * as of 30 June 2017
4 BOARD AND SENIOR MANAGEMENT STRUCTURE Commitment to highest standard of corporate governance and leadership BOARD OF DIRECTORS Josef El-Raghy Executive Chairman Independent Non -Executive Chairman Succession process underway. Intention to announce Non-Exec Chairman by H2 with an active orderly handover until 2018 year end Ross Jerrard Chief Financial Officer Andrew Pardey Chief Executive Officer G. Edward Haslam Senior Non- Executive Director Mark Bankes Non-Executive Director Mark Arnesen Non-Executive Director Alison Baker Non-Executive Director Dr Ibrahim Fawzy Non-Executive Director SENIOR MANAGEMENT Youssef El-Raghy GM Egyptian Operations Mark Morcombe Chief Operating Officer Alexandra Carse Investor Relations Norm Bailie Group Exploration Manager Darren LeMasurier Company Secretary 4
5 INVESTMENT CASE Supported by strong fundamentals Asset Quality Large, world class asset : top 20 producing gold mine by ounces Low cost, bulk tonnage mine >20yrs LOM (vs gold sector avg ~10yrs*) with reserve and resource growth upside Near term, near-mine / capex lite production growth upside LON:CEY / TSE:CEE 100% free float FTSE 250 Financial Flexibility US$303m cash and liquid assets as at 30 Jun 2018 No debt No hedging No streaming Maintain min cash balance of US$ m Stakeholder Returns Meaningful contributor to our host country/partners Current 9.4% dividend yield, as at 30 Aug 2018 Minimum dividend of 30% of Sukari cash flow Maintain social license to operate Referenced RBC Capital Markets Active Growth Pipeline Sukari UG Amun/Ptah reserve replacement Sukari UG Cleopatra exploration & development Doropo infill and expansion drilling Batie West scoping study underway ABC greenfield target generation 5
6 EGYPT OVERVIEW Excellent emerging market opportunities Arab Republic of Egypt Stable government: President el Sisi reelected for 2 nd term; Undergoing economic reform as part of the $ 12bn IMF loan Strengthening economy: 2018 GDP grew 5.3%, inflation halved to <14% and budget deficit below 10%. Ancient historic gold belt; Underexplored Arabian-Nubian Shield (ANS) runs north to south, along the east coast of the country Excellent infrastructure; Well educated, skilled workforce Sukari Gold Mine is Egypt s first modern mechanized gold mine in Egypt Fair fiscal terms: the Concession Agreement was ratified by Egyptian parliament as law 222 of First mover advantage: Centamin explored 3,000km 2 along the Egyptian ANS 6
7 ASSET QUALITY
8 PT Freeport Newmont Nevada Cortez & Pipeline Kloof Olimpiada Pueblo Viejo Goldstrike Lihir Kalgoorlie Superpit Boddington Expansion Veladero Cadia Hill Malartic Kibali (Moto) Tarkwa Geita Detour Lake Sukari Yanacocha Porgera Kupol Harmony Freegold WORLD CLASS ASSET Low cost, bulk tonnage, long life mine Sukari is a top 20 gold producing mine with >20 year open pit LOM Centamin plc is a top 30 gold producing company TOP 20 GLOBAL GOLD MINES* F koz production Source: SNL; * data based off of public data April
9 LONG TERM SUSTAINABILITY Growth opportunity through the drill-bit Group resource base >15Moz Measured & Indicated Sukari 7.2Moz reserve supports >20year LOM vs gold sector avg ~10yrs* Significant Group reserve and resource growth potential Reserve - Sukari Open Pit Reserve - Sukari Underground Resource - Sukari Resource - Batie West Resource - Doropo All Resource estimates are published Measured and Indicated, ex Inferred Group Resource and Reserves (as at 31 December 2017) 9
10 MINE HISTORY Strong operational track record in a new frontier, against a changing political environment Commissioned Stage 1 4Mtpa plant Commenced underground mining Fuel subsidy removed Plant expansion to 10Mtpa F koz 1,800 1,600 1, , Production Cash Cost Average realised gold price All-in sustaining cash costs 1, H18A 217koz ~US$1.2bn capital investment and full cost recovery Profit Share with local partners, EMRA 1 Mubarak Army Morsi Mansour Sisi Sisi (1) For further details on the mechanics of the Concession Agreement please refer to the 2017 Annual Report and Accounts and the License Overview found on the Company website: 10
11 HEALTH AND SAFETY Invested in our people Annual LTIFR (per 200,000 hours worked) H People are our first asset and therefore workplace safety is our number one priority Industry leading health and safety record, targeting zeroharm Group H1 LTIFR is 0.06 per 200,000 man hours worked Health and safety training forms a critical part of delivering sustainable operations, along with continued professional development training that ensures operational excellence and career advancement H Total man hrs worked LTI LTIFR per 200,000 hours GROUP 1,623, Sukari 1,433, Burkina Faso 40, Cote d Ivoire 149, Cote d Ivoire maintains a zero harm safety record since exploration began, with Q2 LTIFR 0.00: Ten consecutive quarters without an LTI, over a total of 1,161,200 man hours worked Burkina Faso maintains a zero-harm record, Q2 LTIFR 0.00: Sixth consecutive quarter without an LTI, over a total of 391,789 man hours worked 11
12 INTERIM RESULTS REVIEW Continued operational progress units 2018 Guidance (1) H H % change Gold production koz % Cash costs of production (2) US$/oz produced % All-in sustaining cost (2) US$/oz sold % Factors impacting performance Cause Response Open pit grade Transitional zone thicker than expected with lower than expected grades Enhanced grade control drilling Personnel change Underground stope tonnage Underground development grade Long hole drill rig ("LHDR") damaged, causing disruptions and temporary suspension of stoping Increased cascade stoping leading to increased dilution Increased development tonnages due to lower stoping production Repaired LHDR, restoring availability and utilisation in line with mine plan Stope tonnes improved High-grade stope sequence deferred 3 months A reserve LHDR ordered, expected in Q4 Personnel change Underground stope grade Greater than expected dilution from high-volume mining method (cascade stope mining) 1. As per full year revised guidance published on 25 May Non-GAAP measures and are defined in the Financial Review of our Interim Results, announced 2 August 2018 Reducing contribution from higher dilution mining methods Improved controls continue to be implemented 12
13 OPEN PIT Long life, low cost, bulk tonnage operation MINING Owner-operator Bulk tonnage operation 2018F: 75Mt total material moved 2018F: 20Mt total ore moved 2018F: 0.58g/t mined grade, inc DL, stockpile PIT DESIGN 7 stages; currently mining Stage 4: source of ore for the next 4 years FINAL PIT RESOURCE RESERVE LOM 2.7km long x 1.3km wide Sukari M&I resource: 11.8 Moz Open pit P&P reserve: 0.93g/t, 239Mt > 20 years 13
14 OPEN PIT Mining Stage 4: Exiting the transitional zone 1 Jan 2018 H OPEN PIT Excellent mining productivity with total material moved of 36.9Mt, a record six-month figure for the mine Transitional zone has delivered more tonnes and lower ST7 ST6 ST5 ST RL grades than planned 11.6Mt total ore mined at a grade of 0.51g/t, comprising: 1200 RL 0.64g/t delivered to the mill 0.37g/t delivered to the dump leach 0.39g/t delivered to low grade stockpile Mining Jan-Jun RL 30 June OUTLOOK Exiting transitional zone in Q3, into primary ore in Q4 ST7 ST6 ST5 ST4 Expected FY2018 overall open pit mill feed of ~0.71g/t Overall mined grade ~0.58 g/t 1080 RL 1200 RL 1060 RL Mining Jun-Dec
15 UNDERGROUND Shallow, high grade ounces MINING DESIGN RESOURCE RESERVE LOM UPSIDE Contractor: Barminco Method: Long-hole stoping, room and pillar, avoca modified Amun/Ptah production decline: engineered to 1.5Mtpa, optimal is 1.3Mtpa, to depth of c.600m vertical metres Cleopatra exploration/development decline under construction: engineered to 1Mt pa 1.6Moz 6.8g/t, 7.4Mt 0.8Moz 5.1g/t, 4.7Mt Current reserve supports > 5yr LOM 2017 increased UG reserves in excess of mine depletion over two years; Orebody open at depth Amun / Ptah Underground Long Section (looking east): 2018 stoping 15
16 UNDERGROUND MINE Interim Results H UNDERGROUND UNDERGROUND ORE MINED AND AVERAGE GRADE Total production 601kt at 5.69g/t Production from stoping, 340kt at 5.86g/t Ore from development 261kt at 5.48g/t Stoping tonnages impacted by equipment availability 55:45 stoping : development split H1 grades lower than plan due to: Development / stoping mix Dilution within large cascading stopes Development Ore Stoping Ore Amun/Ptah Grade OUTLOOK TOTAL DEVELOPMENT METRES (MINERALISED + WASTE) Better balance of stoping and development tonnes ~60:40 stoping development split for FY2018 High grade deferred stopes expected to be accessed from Q3 Significantly lower stope dilution from cascading mining scheduled over balance of the year Tighter control on development headings 2,500 2,000 1,500 1, Development Metres 16
17 PROCESSING Exceeding 12.5Mtpa 2018 PERFORMANCE AND OUTLOOK PLANT PERFORMANCE Strong performance across the process plant Plant throughput in H1 of 6.2Mt H1 head grade of 1.15g/t due to lower mined grades Improved metallurgical recovery rates to 88.6% (vs. 87.5% H1 2017) despite lower grade 1,550 1,500 1,450 1,400 1,350 1,300 1,250 1,200 1, % 95% 90% 85% 80% 75% 70% Irrigation of the second dump leach pad commenced in Q3 2018, monetising low grade tonnes Plant Productivity Recovery PROCESSING PLANT THROUGHPUT (Mtpa) ORE PROCESSED AND FEED GRADE 4,000 3,000 2,000 1, F Total Ore Processed Plant Feed Grade 17
18 FINANCIAL FLEXIBILITY
19 INTERIM RESULTS REVIEW Solid financial performance Financial results Successfully minimised cost inflation across the Group, in spite of reduced production, planned increased sustaining capex programme and rising fuel cost pressure. Generated positive cash flow of US$36.1m, throughout operationally challenging quarters Maintained strong and flexible balance sheet of US$303.3m cash and liquid assets, with no debt, no hedging, no streaming Committed to shareholder returns with 2.5 US cent declared interim dividend, equivalent of returning 80% of FCF, while self funding our pipeline of potential development projects units H H % change Operating cash flow US$m % Capex (inc Sukari expl) US$m % Profit Share US$m % Free Cash Flow (1) US$m % Dividend US cents Cash and liquid assets (1,2) US$m % 1. Non-GAAP measures and are defined in the Financial Review of our Interim Results, announced 2 August Cash and liquid assets including cash and cash equivalents, bullion on hand at market price, gold sales receivable and financial assets at fair value of US$303.3m as at 30 June
20 COST MANAGEMENT Low cost producer 3 months ended 30 June 6 months ended 30 June Q Q % change H H % change Average realised sales price US$/oz 1,298 1,249 4% 1,316 1,235 7% 2018 Guidance Mine production costs US$m % % Cash cost of production US$m (15%) (13%) 322.6* AISC US$m % % 450* Gold produced oz (26%) (7%) Gold sold oz (19%) (3%) 505, ,000 Unit cash cost of production US$/oz produced % (5%) Unit AISC US$/oz sold 1, % % H1 highlights: Minimised cost inflation pressures Fuel cost impact (direct / indirect) Systems and controls Exploration expense accounting change Approximate calculations based on mid-point in guidance range. H2 milestones Downward trend in unit AISC as increase in ounces produced 20
21 COST BREAKDOWN SUKARI Mine Production Costs (US$m) GROUP Cost Centres GROUP FX Exposure G&A US$9m Refinery & transport US$1m Other 10% 10% Labour 9% 9% Other 10% 8% AUD 15% 16% Fuel 18% 16% OP mining US$55m EGP* 24% 21% Contractors 25% 27% Processing US$81m USD 51% 55% UG mining US$11m Consumables 38% 38% H1 2018: US$157m H H H H EGP includes fuel costs which are linked to USD prices Group cost centre and FX breakdown incorporates all group expenditure including capex 21
22 Sustaining capex Exploration DISCIPLINED CAPITAL ALLOCATION Ongoing optimisation US$135m Burkina Faso Côte d'ivoire Egypt: Cleopatra (excl. revenue) Sukari UG exploration Sukari UG development Other sustaining capex 2018F Capex Budget of US$135m, including US$22m greenfield exploration H1 2018A spend US$64m $51m (80%) was sustaining capex: Fleet rebuild programme spend peaked Working capital systems upgrade complete Stores inventory reached target warehouse level H and beyond Optimisation of maintenance programme Deferral of non-critical sustaining capex items Procurement Committee established to review/negotiate supply contracts and tender processes Results driven exploration model FY 2018 CAPEX 22
23 FINANCIAL FLEXIBILITY Robust financial position CLEAN BALANCE SHEET BALANCED CASH FLOW US$303m cash & liquid assets * No debt No hedging No gold loans Investment in future growth Sustaining capital 34% Exploration 10% Contribution to operating country and local community Royalties and profit share 32% No gold streams Free cash flow 24% Solid cash flow generation * Cash and liquid assets including cash and cash equivalents, bullion on hand at market prce, gold sales receivable and financial assets at fair value of US$303.3m as at 30 June
24 STAKEHOLDER RETURNS
25 CONTRIBUTION TO OUR OPERATING COUNTRY Corporate social responsibility Supporting our operating host country and local community H1: $39.3m paid to EMRA in profit share H1: $9.0m in royalties to ARE* H1: $13.0m paid in salaries Total US$323m DIRECT financial contribution to the ARE $198.3m paid to EMRA in profit share to date $125m paid to ARE in royalties to date $230.8m paid in salaries to date >US$550m including local workforce salaries paid In addition to the above, we engage in various local community projects and initiatives to ensure we maintain our social license to operate, lead by strong relations with local stakeholders, as set out in the CSR report found on our website >1,350 Egyptian employees 95% workforce is Egyptian 44% suppliers are Egyptian >270 Egyptian company suppliers *Arab Republic of Egypt ( ARE) 25
26 PRIORITISING SHAREHOLDER RETURNS 9.4% dividend yield (as at 30 Aug 2018) BALANCED CASH FLOW DISTRIBUTION Operating Cash Flow SUSTAINING CAPEX & EXPLORATION Investment in future growth PROFIT SHARE & ROYALTIES Contribution to country 44% 32% SUSTAINABLE DIVIDEND STREAM US 2.5 interim dividend for 2018, represents 80% of Free Cash Flow c. US$420m returned to shareholders in 5 years First distribution of Sukari cash flow is minimum dividend payment Excess cash goes to dividend build, beyond potential growth capital Min dividend 30% of Sukari cash flow FREE CASH FLOW Cash flow generation SHAREHOLDER RETURNS Sustainable dividend stream Dividend Policy Maintain min $250- $300m cash balance Growth capital investment Excess Cash returned to shareholders as dividend build 24% DIVIDEND HISTORY Final Dividend Interim Dividend 26
27 ACTIVE GROWTH PIPELINE
28 GROUP EXPLORATION PIPELINE CAPEX lite, self-funded, organic growth pipeline NEAR TERM Sukari Underground Cleopatra Exploration Decline Successful early stage results identifying good grades on the contact zone Self-funding exploration and development from preproduction revenue generation SUSTAINABILITY Sukari Underground Amun/Ptah Decline Resource extension drilling continued to return excellent results 37.2g/t; 226g/t; 57m 6.8g/t Underpinning the long term sustainability of Sukari underground MEDIUM TERM Doropo Project Near resource, near surface extension drilling returned positive results Updated resource and reserve/pea expected H LONG TERM ABC Project Wide spaced drilling and geochem results indicate extensive gold mineralised system Target maiden resource H Sukari Regional Exploration Undergoing petrophysics, 3D seismic, geophysics across 160km2 license area Potential for truckable tonnes to existing plant 28
29 UNLOCKING SUKARI S FULL POTENTIAL H drill intercepts highlights NEAR TERM SUSTAINABILITY 29 29
30 MEDIUM TERM GROWTH Doropo Project, Cote d Ivoire - PEA underway Doropo Resource Area Initial 1.35Moz Indicated, 0.9Moz Infered resource concentrated within a 7km radius Main structures remain open; H1 drilling of structural extensions returned positive results at Souwa, Chegue, Chegue South and Enioda Follow up drilling on the Tchouachinin and Hinda prospects Early met work positive. Detailed met results expected in Q3. 2.5g/t 6.2g/t 14g/t 4g/t 6.4g/t 11.2g/t 10.4m@ 2.1g/t 3.7g/t 2.5g/t 3.4g/t 1.9g/t 3.1g/t 38.3g/t 2.8g/t 12m 2.9g/t 8.5g/t 3,9g/t 6g/t 23.4g/t 1.6g/t 1.3g/t Doropo Regional License Area Structured exploration programme of the 35km radius area: geological mapping, soil geochem infill auger drill program along 8km strike soil anomaly 30
31 LONG TERM GROWTH ABC Project, Cote d Ivoire targeting maiden resource Kona permit, Lolosso structure 4,261m diamond drilling completed in H1, including 2,716m drilled early in Q2 as calibration drilling. 8,916m auger drilling completed and GAIP survey extension Geological mapping confirmed Lolosso structure extends ~60km, over the FarakoNafana permit Prelim met work shows no issues. Detailed met work expected in Q3 ABC Project license holding Kona Permit geochem mapping 31
32 LONG TERM GROWTH Egypt, Sukari regional exploration RED SEA Sukari North Prospects 5km Marsa Alam N Sukari Mine V Shear Sukari is a world-class gold district (+15Moz) hosted on a major ANS terrane boundary, a NW verging, obducted, ophiolite thrust belt. Sukari Resources are currently drill defined around the 2.5km long by 0.6km deep Sukari porphyry which sits axially within a much wider 17km long by 3.7km ophiolite shear zone. Sami South Quartz Ridge There are 7 main surface prospects hosted along 5 primary domain gold trends, within the license. All surface prospects are within trucking distance to the existing processing plant and infrastructure. Q successfully completed the first stage petrophysics for the application of 3D seismics across the license area. Kurdeman Tenement area: 160km 2 Shu Conduct further DTH geophysics in H2 2018; Start 2D Seismic sections in Q1 2019, with which to construct a robust district 3D geoseismic architecture of the license area to depths >1.5km, targeting potential new Sukari-style porphyries. 300km Aswan 32
33 ARABIAN NUBIAN SHIELD Strategically positioned Sukari first modern mechanised gold mine Historic gold belt: 65 historic gold mines known across the ANS. Competitive advantage: Centamin s operational track record, country presence, skilled work force, local and geologic understanding gives the Company a competitive advantage to look at further growth opportunities within the ANS. 33
34 DELIVERABLES Deliver solid H2 operational performance and subsequently deliver on revised guidance of koz at AISC of US$875-$890/oz sold Return excess cash to shareholders Deliver Sukari solar project feasibility study Appointment of a non-executive Chairman Sukari underground updated reserve and resource statement Doropo Project PEA, update resource and maiden reserve ABC Project maiden resource Significant exploration target generation across the portfolio Continued downward trend in Group LTIFR 34
35 APPENDIX
36 CONCESSION AGREEMENT Corporate Structure LICENSE 160km 2 ROYALTY 30 year license grated in 2005, with option for a further 30 years 3% NSR CENTAMIN PLC (CEY LN;CEE CN) PROFIT SHARE (with EMRA) COST RECOVERY TAXES Profit Share was triggered in 2016, after full $1.2bn cost recovery. Profit Share schedule: 1. 40% first 2 years (to June 2018) 2. 45% for next 2 years (to June 2020) 3. 50% of revenue net of all qualifying costs thereafter. Growth capital expenditure is recovered over three years Sustaining capital expenditure is recovered in the year it is incurred No other direct or indirect taxes 100% PHARAOH GOLD MINES (Concession Agreement) 50% OTHER Early payments were made to EMRA in 2013, 2014, 2015 in line with returns made to shareholders by way of dividends. These early payments were later offset against the first profit share payments made in SUKARI GOLD MINES 50% EGYPTIAN MINERAL RESOURCES AUTHORITY ( EMRA ) 36
37 Andrew Pardey Chief Executive Officer Alexandra Carse Investor Relations
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