Centamin Plc £CEY - A Valuation on 14th June 2021

This Egyptian gold mine is low on the cost curve and full of high-grade reserves and indicated resources. But will monetary inflation continue to feed through to higher gold prices?

Since valuing Centamin in January — and dramatically underestimating the effect of the profit share royalty as a tax, thus overestimating the value of the business (thanks to Devrim for highlighting this) — the stock has traded sideways.

Centamin shares have, essentially, traded sideways since we last valued them in January.

In that valuation, we highligh…