Re-capitalized Sukari mine in Egypt is a Tier 1 gold asset — Centamin CEO Martin Horgan

Centamin PLC’s (TSX:CEE) two highlights of 2023 were achieving all-in-sustaining costs of $1,250 an ounce, and delivering guidance for the third straight year, says CEO Martin Horgan.

In February Horgan spoke to Kitco Mining at the BMO Global Metals, Mining & Critical Minerals Conference 2024 in Hollywood, Florida.

Centamin is the top gold miner in Egypt, with plans to produce about half a billion ounces from its flagship Sukari gold mine in 2024.

“On top of that we released our new life-of-mine plan back in October last year, and that really re-establishes Sukari, to our mind a Tier 1 asset, 10 years of life, half a million ounces of production, positioning ourselves in the lower half of the industry cost curve as well.”

Capital expenditures at Sukari over the last three years have included fleet expansion, accelerated waste stripping in the open pit, construction of a 30-megawatt solar plant and a paste plant, and upgrading the underground ventilation. The last major project, slated for this year, will connect the mine to the national power grid.

Centamin has also been working with the Egyptian mines ministry to finalize its new mining code, which is going through parliament for ratification.

The company’s development assets are centred in Côte d'Ivoire, West Africa. A feasibility study and environmental and social impact assessment on its Doropos project should be ready by mid-2024.

Horgan said the Arabian-Nubian Shield that hosts the Sukari mine has been mined since the time of the Egyptian pharaohs but has seen minimal exploration in the modern era. Ma’aden, Saudi Arabia’s state-run mining company, has a joint venture with Barrick Gold (TSX:ABX) in the Jabal Sayid copper operation.

“I think we're seeing a real focus now coming on the region as the next potential
jurisdiction for significant discovery both in gold and base metals,” he said.

Coverage of the BMO Global Metals, Mining & Critical Minerals Conference sponsored by First Majestic Silver (NYSE:AG).

0:00 Sukari gold mine
1:32 West Africa
2:17 Arabian-Nubian Shield
4:24 Capital re-investment at Sukari
5:24 Egypt
6:48 Doropo, Côte d'Ivoire
9:30 M&A
12:54 Milestones

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