Centamin awards Geodrill $54m drilling contract

1st February 2022 By: Schalk Burger - Creamer Media Senior Deputy Editor

TSX-listed drilling company Geodrill has been awarded a significant drilling contract with London- and Toronto-listed gold producer Centamin at its Sukari gold mine, which is a low-cost, bulk tonnage openpit and high-grade underground gold mining operation in Egypt.

The five-year contract, the largest in Geodrill’s history, is for a minimum 90 000 m of underground drilling a year using five drill rigs. It is anticipated to generate revenues in excess of $54-million over the term of the contract. The win also extends Geodrill’s footprint into a new geographical region, the company says.

“That Geodrill was awarded this contract is a testament to our operational performance, reputation for excellence and is in line with our strategy of focusing on long-term contracts with top-tier customers in new geographic regions driving future growth of our business,” says Geodrill president and CEO Dave Harper.

“Not only does our business with Centamin complement our existing work, it will also help us counter cyclical industry downturns while at the same time delivering a significant, stable base of long-term revenue over the next five years.”