Centamin completes life of asset review

Martin Horgan, Centamin CEO, commented: “[This] 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 oz mineral reserve growth at Sukari – representing the largest reserve increase in 10 years. Within our Sukari 300 000 m budgeted drill programme 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.

“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 oz/yr from the Sukari Gold Mine over the next decade.”

Highlights

• Delivered mineral reserve growth in excess of 1 million oz net of six months mining depletion, representing a 23% increase in Sukari proven and probable mineral reserves:
  • Including a 200% increase in Sukari Underground proven and probable mineral reserves.
• Delivered 8% mineral resource growth net of six months mining depletion.
• Roadmap to +500 000 oz/yr of gold, underpinned by a robust interim 12 year life of mine schedule:
• Underground expansion (tonnes and grade) study underway for completion in 2H22.
• Further upside drivers yet to be modelled, include the emergence of ‘bonanza’ high grade structures within the open pit and underground.
• US$100 million cost savings programme increased by 50% to US$150 million, to be delivered by 2024.
• Multiple growth opportunities identified with a review of the capital structure underway to increase financial flexibility.

Milestones and targets

• Underground expansion study underway – completion 2H22.
• Doropo Project (Côte d’Ivoire) pre-feasibility study underway – completion 2H22.
• Delivering operational consistency at Sukari by improving the resource to mill ounce reconciliation to +/-10% by 2024.
• Delivering an additional 2 million oz group mineral reserve growth by 2024.
• Extending the Sukari underground reserve life to in excess of 10 years (currently eight years up from three years) by 2024.

Read the article online at: https://www.globalminingreview.com/exploration-development/28122021/centamin-completes-life-of-asset-review/