Egypts SGM reserve supports Centamins 500,000-ounce-per-annum production roadmap

ArabFinance: The gold mining company Centamin Plc announced it has completed the Life of Asset Review, according to an emailed press release on December 8^th, 2021.

Through this review, the group has outlined an updated life of mine plan for its flagship asset the Sukari Gold Mine, including additional identified opportunities and a long-term vision for the asset.

Centamins outlook for its Sukari Gold Mine (SGM) includes boosting production over the coming three years to reach between 450,000 and 500,000 ounces in 2024.

The group is set to produce around 430,000 to 460,000 ounces of gold from the Sukari mine in Egypt during 2022 and around 450,000 to 475,000 ounces in 2023.

Capital expenditure is expected to amount to $215 million in 2022, $175 million in 2023, and $165 million in 2024.

The delivered mineral reserve in excess of one million ounces net of six months mining depletion marked a 23% growth in the Sukari mine proven and probable mineral reserves.

This supports the groups roadmap to produce over 500,000 ounces of gold per annum from the Sukari over the next decade, with the new geological model underpinning a mine schedule of over 12 years.

Today marks significant progress against our Sukari reset plans. The transformed approach to the management of Centamin has delivered excellent results including a net 1.1-million-ounce Mineral Reserve growth at Sukari representing the largest reserve increase in 10 years. Within our Sukari 300,000 meter budgeted drill program for 2022, we have an active pipeline of identified resource conversion and extensional drill targets which gives us significant confidence in continuing to grow this world-class asset, Centamins CEO Martin Horgan commented.

Our improved geological model underpins our new robust 12+ year mine schedule and from this, we have identified a clear roadmap to consistently producing greater than 500,000 ounces per annum from the Sukari Gold Mine over the next decade, Horgan added.

In October, Centamin announced that its production from the SGM grew by 3% quarter-on-quarter (QoQ) during the July-September period of 2021, totaling 103,546 ounces.

Founded in 1970, Centamin Plc is a gold mining company listed on the London Stock Exchange and the Toronto Stock Exchange and is a constituent of the FTSE 250 Index. The company has offices in London, UK; Mount Pleasant, Western Australia; and Alexandria, Egypt, with its registered office is in Jersey.