Centamin Completes Life of Assets Review

published by
World Mining Review,

Centamin announced the completion of its asset life review, from which the company presented an updated life plan for the Sukari gold mine, including other identified opportunities , framing the long-term vision of the asset.

Martin Horgan, CEO of Centamin, said: “[This] marks significant progress on our plans to reset Sukari. Centamin’s transformed approach to management has yielded excellent results, including net mineral reserve growth of 1.1 million ounces at Sukari, the largest reserve increase in 10 years. As part of our Sukari 300,000m drill program budgeted for 2022, we have an active pipeline of identified resource conversion targets and extension drilling that gives us great confidence in the continued growth of this asset from world class.

“Our improved geological model underpins our new robust 12+ year mining schedule and from that we have identified a clear roadmap to consistently produce over 500,000 oz / year from the gold mine. of Sukari over the next decade. ”

Strong points

  • Mineral reserve growth of over 1 million ounces net of six-month mine depletion, representing a 23% increase in Sukari’s proven and probable mineral reserves:
    • Including a 200% increase in proven and probable mineral reserves in the Sukari subsoil.
  • 8% increase in mineral resources after six months of mine depletion.
  • Roadmap to +500,000 ounces / year of gold, supported by a robust 12-year interim life schedule:
  • Underground expansion study (tonnes and grade) in progress for completion in 2H22.
  • Other rising factors that remain to be modeled include the emergence of high grade “bonanza” structures in the open pit and underground mine.
  • The US $ 100 million savings program increased by 50% to US $ 150 million, to be delivered by 2024.
  • Multiple growth opportunities identified with ongoing capital structure review to increase financial flexibility.

Milestones and targets

  • Underground extension study in progress – completion 2H22.
  • Pre-feasibility study Doropo project (Ivory Coast) in progress – completion 2h22.
  • Ensure operational consistency at Sukari by improving the reconciliation between the resource and the ounce to +/- 10% by 2024.
  • Ensure further growth in the group’s mineral reserves of 2 million ounces by 2024.
  • Extend the life of the Sukari underground reserve to more than 10 years (currently eight years instead of three years) by 2024.

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

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