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GB : Centamin Eqypt Limited - West Africa review results disappoint

The results of Centamin’s review of its West Africa portfolio were disappointing. The combined NPVs for Doropo and Batie West is just US$297m, assuming an undemanding discount rate of just 5% and a flat gold price of US$1,450/oz. This is lower than our EV/oz-based valuation for the portfolio of US$324m, as published in our Initiation of Coverage piece earlier this morning. We expect that Batie West will be disposed of, and reiterate our Sell rating.


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