Centamin Aims to Deliver Extra 3 Million Ounces of Gold Reserves

SEATTLE (Scrap Monster): Centamin plc. outlined the key opportunities in the business and potential in its gold assets over the forthcoming years. The company had carried out a geology campaign over the past one year period.

According to the company, it expects to deliver additional 3 million ounces of gold reserves by 2024. Further, it intends to extend the underground pit life of the Sukari, Egypt gold mine by another 10 years. The company’s Chief Executive Martin Horgan projected significant organic growth over the next 24 months. It has already identified an integrated pipeline of organic growth opportunities. The budgeted exploration spend for 2021 stands at $38 million, whereas that for 2022 is $40-$45 million, he added.

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The 2020 drilling programme has increased overall mineral resources at its greenfield ABC Project in Côte d'Ivoire by nearly 100% from estimated 1.15Moz in December 2019 to 2.16Moz inferred. Also, the pre-feasibility study for Doropo Project in Côte d'Ivoire, which is located in northeast Cote d’Ivoire between Comoe National Park and the international border with Burkina Faso, is underway and is on track for completion by middle of next year.

The two-year exploration program, scheduled to begin in Q1 2022, targets around 3,000 square kilometres of exploration ground in Egypt’s Arabian Nubain Shield.