The transformed approach to the management of gold miner Centamin has delivered a net 1.1-million ounces of mineral reserve growth at its Sukari gold mine, in Egypt, representing the largest reserve increase in ten years.
The delivered mineral reserve growth represents a 23% increase in Sukari’s proven and probable mineral reserve and supports the miner’s roadmap to producing 500 000 oz/y of gold.
Further, within Sukari’s 300 000 m budgeted drill programme for 2022, the miner has an active pipeline of identified resource conversion and extensional drill targets which gives it significant confidence in continuing to grow the 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/y from the Sukari gold mine over the next decade,” says CEO Martin Horgan.
In addition, a study into the mine’s underground expansion is under way and due to be completed in the second half of 2022, with further upside drivers yet to be modelled, including the emergence of 'bonanza' high-grade structures within the openpit and underground.
Meanwhile, Centamin’s $100-million cost savings programme increased by 50% to $150-million, to be delivered by 2024, with multiple identified growth opportunities and with a review of the capital structure under way to increase financial flexibility.