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Centamin Says No Material Disruption Due To COVID-19; Stock Up

Shares of Centamin Plc (CELTF.PK,CEY.L,CEE.TO) were gaining around 4 percent in the morning trading in London after the company announced Wednesday that as of March 24, the company has experienced no material disruption to operations, supply chain or gold shipments due to the coronavirus or COVID-19 pandemic.

The company further said it will postpone publishing its 2019 Annual Results due to request by the Financial Conduct Authority or FCA to observe a moratorium on the publication of results for a minimum of two weeks.

Centamin said it has no cases of COVID-19 amongst its workforce. The company noted that early action was taken at Sukari, in line with its Severe Communicable Disease Outbreak Management Plan.

Measures are in place to ensure all its operations in various countries follow the advice of local government and health authorities.

The company said, "To date, we have experienced no supply disruptions and have sufficient internationally sourced critical supplies stockpiled for the next quarter. We maintain open dialogue with our key international and domestic suppliers and, as a matter of caution, have assessed alternative potential supply channels. As the pandemic progresses we will continue to monitor the situation closely and will adapt our policies, procedures and controls to minimise potential impacts, within our control, to our business."

Centamin said it has zero debt and $348.9 million in cash and liquid assets, as of December 31, 2019.

In London, Centamin shares were trading at 137.15 pence, up 3.63 percent.

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