18 July
2024
Centamin plc
("Centamin" or "the
Company")
LSE: CEY / TSX: CEE
Positive definitive feasibility study at the Doropo Gold
Project
Preparation for mining license
application underway
Centamin is pleased to provide the
outcome of the definitive feasibility study ("DFS") at its Doropo
Gold Project ("Doropo") in north-eastern Côte d'Ivoire, including
detailed project parameters and economics and an updated Mineral
Reserves estimate.
Martin Horgan, CEO, commented: "The results of the DFS
demonstrate a robust project that meets Centamin's investment
criteria. The project shows a strong first five years with
production in excess of 200kozpa at an AISC below US$1,000/oz,
delivering an accelerated payback on investment. The DFS has
resulted in a plan with significantly lower execution risk,
relative to the PFS, reflecting a reconfiguration of the project to
reduce its social impact on local communities. We were pleased to
receive regulatory approval of the Environmental and Social Impact
Assessment and receipt of the environmental permit in June, and
will shortly proceed to file the application for a mining
license.
Financing options for the project are well advanced, supported
by a clear roadmap for early works that will mitigate completion
risks. This study underlines our confidence in Doropo's potential
to become a commercially viable project, bringing substantial
investment and employment opportunities to northeastern Côte
d'Ivoire."
HIGHLIGHTS[1]
●
|
Mineral Reserve Estimate of 1.88
million ounces ("Moz") of Probable Mineral Reserves, at an average
grade of 1.53 grams per tonne of gold ("g/t Au"), supporting a
10-year life of mine ("LOM")
|
●
|
Upside opportunities identified
including potential resource and reserve growth, to be explored
utilising cashflow following first production
|
●
|
Average annual gold production of
167koz over the LOM, with an average of 207koz in the first five
years
|
●
|
All-in sustaining costs ("AISC") of
US$1,047 per ounce ("/oz") sold over the LOM, with an average AISC
of US$971/oz for the first five years at US$1900/oz gold
price
|
●
|
Mining and processing operations
remain consistent with the Pre-feasibility Study ("PFS"), utilising
open-pit mining and a carbon-in-leach ("CIL") processing
circuit
|
●
|
Fulfils Centamin's hurdle rate of
15% internal rate of return ("IRR") at the US$1450/oz gold price
used for Mineral Reserve estimation
|
●
|
Robust economics with a post-tax net
present value of US$426 million, 34% IRR and a 2.1 year payback
using an 8% discount rate ("NPV8%") and US$1,900/oz gold price (a
sensitivity analysis is available on page two)
|
●
|
Total construction capital
expenditure ("capex") of US$373 million, inclusive of contingency,
representing an increase of less than 7% from the 2023
PFS
|
●
|
A significant reduction in the need
for community resettlement from estimates in the PFS of 2000 to
3000 persons, to less than 500, meaning no resettlement will be
required during the construction period and the first 2 years of
commercial operation
|
●
|
The Environmental permit was
received in June, following the Q1 2024 submission of the ESIA,
endorsing the Company's management plans. Alongside the DFS this
will support the mining license application
|
●
|
An early works plan to be undertaken
ahead of a financial investment decision will reduce project
delivery risk and potentially expedite construction
timelines
|
●
|
The Company will host a webcast
presentation of Doropo with the interim financial results on
Thursday, 25 July at 08.30 BST (UK time)
|
DEFINITIVE FEASIBILITY STUDY SUMMARY
|
Units
|
Years 1-5
|
LOM
|
PHYSICALS
|
|
|
|
Mine life
|
Years
|
5
|
10
|
Total ore processed
|
kt
|
21,662
|
38,220
|
Strip ratio
|
w:o
|
5.0
|
4.9
|
Feed grade processed
|
g/t
Au
|
1.65
|
1.53
|
Gold recovery
|
%
|
90%
|
89%
|
Total gold production
|
koz
|
1,033
|
1,667
|
PRODUCTION & COSTS
|
|
|
|
Annual gold production
|
Koz
|
207
|
167
|
Cash costs
|
US$/oz
|
817
|
892
|
AISC
|
US$/oz
|
971
|
1047
|
PROJECT ECONOMICS (post-tax and
at US$1,900/oz)
|
|
|
|
Construction capital
expenditure
|
US$m
|
|
373
|
Free Cash flow
|
US$m
|
|
810
|
NPV8%
|
US$m
|
|
426
|
IRR
|
%
|
|
34
|
Payback period
|
years
|
|
2.1
|
Post-Tax Net Present Value (US$m) sensitivity
analysis
|
Gold price
|
Discount
rate
|
US$1,500/oz
|
US$1,600/oz
|
US$1,700/oz
|
US$1,800/oz
|
US$1,900/oz
|
US$2,000/oz
|
5%
|
199
|
275
|
364
|
454
|
543
|
613
|
6%
|
175
|
247
|
332
|
416
|
501
|
568
|
7%
|
153
|
221
|
301
|
382
|
462
|
526
|
8%
|
132
|
197
|
273
|
350
|
426
|
487
|
9%
|
113
|
174
|
247
|
320
|
393
|
450
|
10%
|
95
|
154
|
223
|
293
|
362
|
417
|
For
full life of mine schedules: (link
here)
WEBCAST PRESENTATION
The Company will host a webcast
presentation on Thursday, 25 July 2024 at 08.30 BST to discuss the interim results and Doropo, followed
by an opportunity to ask questions.
Webcast link: https://www.lsegissuerservices.com/spark/Centamin/events/80411d15-3a8c-475a-8162-3bbcf0a2ac0e
PRINT-FRIENDLY VERSION of the
announcement: www.centamin.com/media/companynews.
DOROPO GOLD PROJECT DEFINITIVE FEASIBILITY
STUDY
Overview
Doropo is located in the northeast
of Côte d'Ivoire, situated in the north-eastern Bounkani region
between the Comoè National Park and the international border with
Burkina Faso, 480km north of the capital Abidjan and 50km north of
the city of Bouna.
The exploration license areas are
c.1,847 km2 covering thirteen gold deposits, named
Souwa, Nokpa, Chegue Main, Chegue South, Tchouahinin, Kekeda, Han,
Enioda, Hinda, Nare, Kilosegui, Attire and Vako. Approximately 85%
of the gold deposits are concentrated within a 7km radius ("Main
Resource Cluster"), with Vako and Kilosegui deposits located within
an approximate 15km and 30km radius, respectively.
Geologically, Doropo lies entirely
within the Tonalite-Trondhjemite-Granodiorite domain, bounded on
the eastern side by the Boromo-Batie greenstone belt, in Burkina
Faso, and by the Tehini-Hounde greenstone belt on the
west.
MINERAL Resources and Reserves
The DFS is based on the 2023 Mineral
Resource Estimate for Doropo published in January 2024 (link to
regulatory announcement
here). The Mineral Reserve
estimate has converted 60% of Mineral Resource ounces to Mineral
Reserves.
The change in reserve tonnage is
primarily due to aligning the reserve gold price applied to Doropo
with the Company's long-term gold price of US$1,450/oz from
US$1,500/oz in the PFS, which reduced the pit shells and designs.
However, this impact was offset by an increase in grade, resulting
in no change in the total contained ounces.
The grade improvement resulted from
an improved understanding of the controls
of mineralisation following infill drilling programme focused on
converting Inferred Mineral Resources to Measured and Indicated
Mineral Resources within the resource pit shells, confirming
reserve pit depths and initial grade control drilling.
There is potential for additional
resource conversion and further resource growth. Several
exploration targets have been identified across the license holding
which have the potential to increase the resource and reserve base.
Detailed Mineral Resource and
Reserve notes can be found within the Endnotes.
|
Jul-24
|
|
Jun-23
|
|
|
Tonnage
(Mt)
|
Grade
(g/t)
|
Gold
Content
(Moz)
|
Tonnage
(Mt)
|
Grade
(g/t)
|
Gold
Content
(Moz)
|
MINERAL RESERVES
|
|
|
|
|
|
Proven
|
1.26
|
1.73
|
0.07
|
-
|
-
|
-
|
Probable
|
36.97
|
1.52
|
1.81
|
40.55
|
1.44
|
1.87
|
P&P Reserves
|
38.22
|
1.53
|
1.88
|
40.55
|
1.44
|
1.87
|
|
|
|
|
|
|
|
MINERAL RESOURCES (including reserves)
|
|
|
|
|
Measured
|
1.51
|
1.60
|
0.08
|
-
|
-
|
-
|
Indicated
|
75.34
|
1.25
|
3.03
|
51.51
|
1.52
|
2.52
|
M+I
Resources
|
76.85
|
1.26
|
3.11
|
51.51
|
1.52
|
2.52
|
Inferred
|
7.37
|
1.23
|
0.3
|
13.67
|
1.14
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
Mining
●
|
10
years of mining operations, including pre-commercial
works
|
●
|
LOM
4.9:1 strip ratio (waste to ore)
|
●
|
28
million tonnes per annum ("Mtpa") peak total material
movement
|
The eight relatively shallow
deposits will be mined using a conventional drill, blast, load and
haul open pit operation. The basis for the DFS is a contract mining
operation, mining a maximum of 28 Mtpa of material and delivering
up to 4.9 Mtpa of ore to the run of mine ("ROM") pad and stockpiles
annually, with variation based on the location and the combination
of oxide, transition and fresh ore mined. The project plans to mine
38Mt of ore to be fed into the process plant and 188Mt of waste
over the LOM. The strip ratio has increased from the PFS due to the
reduction of some of the upper pit wall angles in the saprolite
material near surface, a result of the increased geotechnical study
work undertaken.
Processing
●
|
Free milling gold leads to a conventional closed SAG/ball
mill/crushing ("SABC") and CIL flowsheet
|
●
|
Mill capacity 5.4Mtpa (oxide/transition ore), 4.0Mtpa (fresh
ore)
|
●
|
Averaging 89% gold recovery over the LOM
|
Processing at Doropo will involve
primary crushing and grinding of the mined ore, using
Semi-Autogenous Grinding ("SAG") mill and ball mill in closed
circuit to a target grind size (P80) of 75 microns (µm) for fresh
ore and 106 µm for oxide and transition ore. A gravity circuit will
recover any native/free gold, before entering the CIL circuit. The
gold in the loaded carbon will be recovered by an elution circuit,
using electrowinning and gold smelting to produce doré. Flowsheet
development was supported by extensive DFS metallurgical test work,
supplemented by the PFS results. The DFS metallurgical test work
demonstrated a high level of consistency resulting in only minor
process design updates from the PFS. The DFS metallurgical test
work allowed for extensive optimisation and further simplification
of the flowsheet by removing the shear reactor and tailings
thickener, while keeping the remaining flowsheet unchanged. The
change in recovery was driven by a more conservative calculation
method, switching from a grade recovery curve to the use of grade
bins split by material type, alongside test work indicating lower
recoveries in fresh material.
Infrastructure
●
|
90kV national grid for the project power
supply
|
●
|
Tailings storage facility ("TSF") will be fully geomembrane
lined and the embankment will be built using the downstream
construction method
|
Knight Piésold Consulting carried
out a DFS of the site infrastructure for Doropo including
TSF, water storage/harvest dam, airstrip and haul
access road.
The TSF was designed in accordance
with Global Industry Standard on Tailings Management ("GISTM") and
Australian National Committee on Large Dams ("ANCOLD") guidelines.
The TSF will be fully lined with a geomembrane liner, leachate
collection and constructed by the downstream construction method
with annual raises to suit storage requirements. The TSF is
designed and will be operated as a no discharge facility. The TSF
will have a final capacity of 29 million cubic meters (Mm³) or 41
Mt of dry tails. Due to an improved design, it will cover a smaller
total footprint area, including the basin area, of approximately
287 hectares ("ha") for the final stage facility, compared to 346
ha in the Preliminary Feasibility Study (PFS).
Doropo will utilise the Côte
d'Ivoire national grid for its power supply, offering a cost and
potential carbon saving relative to other options including
self-generation as the tariff benefits from a mix of renewable and
thermal generation with a significantportion of hydroelectric power
supply. The proposed grid power supply
connection for the project is via the existing Bouna substation
which is approximately 55km southeast of Doropo. There will also be
standby power on-site using diesel generators, for back-up power of
critical process equipment and infrastructure if required. Solar
power supplementation is currently being investigated to lower grid
reliability and overall carbon emissions.
Environmental and Social
The environmental permit for Doropo
was granted in June, following public consultation and submission
of the Environmental and Social Impact Assessment ("ESIA") in Q1
2024.
The ESIA was prepared by Earth
Systems and H&B Consulting working in conjunction with
Centamin. Early development of information has allowed its
incorporation into the DFS design and decision-making process. The
ESIA shows less than 500 people would require physical
resettlement, down from 2,000 to 3,000 in the PFS. Re-alignment of
the TSF, water storage dam (WSD), waste rock dumps (WRD) and plant
site has reduced the total mine footprint by approximately 25% and
reduced impacts on adjacent villages. Overall, 2,000 ha of
agricultural land could be impacted by the project
development. Mine sequencing will result in
a phased approach to land acquisition, compensation and livelihood
restoration. Alongside progressive rehabilitation, this will
minimise community and physical risks and impacts.
The project provides a valuable
opportunity to boost local social and economic development with a
commitment to invest 0.5% of project revenues into a community
development fund.
The outer extent of Doropo is 7km
from the Comoé National Park, which is a UNESCO World Heritage
site. Doropo is being designed to avoid
adverse impacts to the park and its biodiversity, including a
self-imposed stand-off of 4km to further safeguard the natural
area.
COSTS
Operating Costs
Operating cost estimates for mining
have been prepared by Orelogy with input from Centamin. Contract
mining has been selected as the basis for all the open pit mining
activities managed by Centamin's operation team,
mining contractor costs were prepared by Orelogy,
through a competitive bid process. Cost estimates for processing
and general and administration ("G&A") costs were prepared by
GR Engineering Services with input from Centamin. The reduction in
mining and processing costs was driven by reduced freight and
logistics expenses, as well as more competitive bids from mining
contractors, as we approach the final investment decision. Key
input costs used are a delivered diesel price of $1.00 per litre,
unchanged from the PFS, and power costs of $0.125/kwh, slightly
higher than the PFS cost of $0.113/kwh due to changes in national
tariffs.
LOM Average
Costs
Area
|
Unit
|
DFS
|
PFS
|
Mining
|
US$/t
mined
|
3.9
|
4.1
|
Processing
|
US$/t
processed
|
12.1
|
12.9
|
G&A
|
US$/t
processed
|
3.8
|
3.5
|
Capital Costs
●
|
Total up-front construction capital costs of US$373 million,
including US$29 million in contingency
|
●
|
LOM
sustaining capital costs of US$96 million, including closure
costs
|
The table below presents an estimate
of the initial construction CAPEX, prepared by GR Engineering
Services and Knight Piésold. Centamin provided the Owner Project
Cost. The DFS value represents an increase of less than 7% from the
PFS, primarily due to global cost inflation over the period and
minor adjustments in the bill of quantities ("BOQ"). This is an
excellent result, and it is reassuring that two separate
consultants (Lycopodium were used in the PFS) have independently
generated similar construction capital costs, which underpins our
confidence in the estimates.
Construction Capital Estimate (US$m)
|
DFS
|
PFS
|
Construction
distributable
|
33
|
26
|
Treatment plant costs
|
109
|
99
|
Reagents & plant
services
|
6
|
18
|
Infrastructure
|
75
|
73
|
Mining
|
22
|
19
|
Management costs
|
32
|
27
|
Owner project costs
|
67
|
54
|
Total excl. Contingency
|
344
|
315
|
Contingency
|
29
|
34
|
TOTAL CONSTRUCTION CAPEX
|
373
|
349
|
The table below provides an estimate
of ongoing capital commitments necessary to sustain operations over
the LOM, including closure and rehabilitation costs, including bond
payments. These estimates incorporate input from Knight Piésold and
a closure estimate developed by Earth Systems. Sustaining capital
expenditure has decreased compared to the PFS due primarily to two
factors. A reduction in physical resettlement requirements, which
has lowered costs over the life of the mine. Alongside increased
upfront TSF construction costs, which have resulted in a greater
allocation of these costs to the initial construction capital
estimate.
Sustaining Capital Estimate (US$m)
|
DFS
|
PFS
|
Sustaining capital
expenditure
|
60
|
80
|
Closure and
rehabilitation
|
36
|
30
|
TOTAL SUSTAINING CAPEX
|
96
|
110
|
Ownership, Permitting, Taxes and Royalties
●
|
Financial modelling based on current Ivorian mining code and
tax regime
|
●
|
Sliding scale royalties between 3%-6% depending on the gold
price
|
●
|
Community development fund royalty of 0.5%
|
Doropo is contained within the
current exploration permits that were granted to Centamin's 100%
owned subsidiaries, Ampella Mining Côte d'Ivoire and Ampella Mining
Exploration Côte d'Ivoire.
Under the current Ivorian mining
code, mining permits are subject to a 10% government free-carry
ownership interest. However, for the purpose of the DFS project
evaluation and disclosures included within this document, the cash
flow model is reflected on a 100% project basis.
The financial model has assumed the
corporate tax ("CIT") rate of 25% for the LOM. The project is expected to benefit from VAT and import duties
exemption during the construction phase and until first
production.
Royalties are applied to gross sales
revenue, after deductions for transport and refining costs and
penalties on a sliding scale depending on gold price. Please refer
to the table below:
Spot Gold Price (US$/oz)
|
|
Applicable Royalty
Rate
|
<1,000
|
|
3.00%
|
1,000 - 1,300
|
|
3.50%
|
1,300 - 1,600
|
|
4.00%
|
1,600 - 2,000
|
|
5.00%
|
>2,000
|
|
6.00%
|
The project will support local
community development through the payment of a social fund royalty
of 0.5% of gross sales revenue.
Project Timeline
●
|
Submit mining license application during
H2-2024
|
●
|
First gold 27 months from final investment decision
(T=0)
|
Next steps
The Company completed extensive work
during the DFS stage. The DFS, together with the environmental
permit will form key documents in support of our submission for a
mining license to the Côte d'Ivoire Government. This application is
scheduled to be submitted in Q3 2024. Following the award of the
mining license and conclusion of the mining convention, we will be
well positioned to make a final investment decision, with project
financing options already well advanced.
There is up to US$6 million
identified for early works including, starting front-end
engineering design ("FEED"), grade control drilling and some
limited earthworks. These activities will reduce project delivery
risk and potentially expedite construction timelines. The costs
will be removed from the current project operating and capital
costs, with early works expenditure deducted from the total
construction cost, and the grade control drilling costs deducted
from the mining operating budget for the first two years, ensuring
no additional costs are added to the current project
values.
PROJECT upside opportunities
There are a number of identified
geological and financial opportunities with the potential to
enhance to the current LOM.
●
|
Resource upgrade: there are Inferred
Mineral Resources situated both outside and within the current pit
shells. With additional drilling and metallurgical test work, these
resources could support conversion of some of the material into
Indicated Mineral Resources which can then be converted into
reserves for evaluation and inclusion in the DFS.
○ Potential extensions to
mineralisation at the Han, Kekeda and Atirre deposits within the
Main Resource Cluster
○Potential at depth where the Souwa
mineralised structure (which dips north-west) intersects the Nokpa
mineralised structure, as well as
○Potential to convert current
Inferred and Indicated mineral resources at Hinda, Nare, Sanboyoro,
Solo, Tchouahinin and Vako.
|
●
|
Additional mineralisation from
target areas, systematic surface exploration work has identified
multiple exploration targets (gold-in-soil/auger anomalies) across
the project footprint. Some targets have been drill tested and
warrant further development work, whilst others remain untested.
These include south and along strike of Kilosegui, Tehini 3 and the
Vako and Sanboyoro region inside the proposed mining
license.
○ At Kilosegui, mineralisation
remains open along strike in both directions from the mineral
resource area, indicated by gold-in-soil and sample auger
geochemical anomalies. In addition, there is a second short
parallel structure evident from soil and auger sampling on the
south side of the Kilosegui resource area.
○ Untested soil anomalies in the
Vako-Sanboyoro area 10-15km west of the Main Resource
Cluster
○ Untested soil anomalies to the
South of the Main Resource Cluster
|
●
|
Capital cost saving
opportunities
○ Review of the usage of contractors
during construction and throughout the mine life across the
operation.
|
●
|
Operating cost saving
opportunities
○Further pit optimisation and
evaluation of owner-mining, instead of contract-mining, given the
Company's extensive operating experience at the Sukari Gold Mine in
Egypt, this could be at the start of the project or during the mine
life.
○ Further processing optimisation,
including finalisation of reagent consumption and recovery
parameters.
|
ENDNOTES
Investors should be aware that the
figures stated are estimates and no assurances can be given that
the stated quantities of metal will be produced.
MINERAL RESOURCE AND MINERAL RESERVE NOTES
Mineral Resource Notes
●
|
Mineral Resource estimate is based
on available data as at 31st October 2023.
|
●
|
The gold grade estimation method is
OK with Localised Uniform Conditioning.
|
●
|
The rounding of tonnage and grade
figures has resulted in some columns showing relatively minor
discrepancies in sum totals.
|
●
|
All Mineral Resource estimates have
been determined and reported in accordance with NI 43-101 and the
classification adopted by the CIM Definition Standards for Mineral
Resources and Mineral Reserves (CIM, 2014).
|
●
|
A cut-off grade of 0.3 g/t gold is
used to account for reserves in the oxide material which are around
0.4g/t.
|
●
|
Pit optimisations based on a
US$2,000/oz gold price were used to constrain the 2023 Mineral
Resource and were generated by Orelogy Mine Consultants.
|
●
|
This Updated Mineral Resource
estimate was prepared by Michael Millad and Flavie Isatelle of Cube
Consulting Pty Ltd who are the Qualified Persons for the
estimate.
|
●
|
This Updated Mineral Resources
estimate is not expected to be materially affected by
environmental, permitting, legal title, taxation, socio-political,
marketing or other relevant issues.
|
Mineral Reserve Notes
●
|
The Mineral Reserve is reported
according to CIM Definition Standards for Mineral Resources and
Mineral Reserves (CIM, 2014).
|
●
|
The mine design and associated
Mineral Reserve estimate for Doropo is based on Mineral Resource
classified as Measured and Indicated from the Cube Mineral Resource
Estimate (MRE) with an effective date of 31st October
2023.
|
●
|
Ore block grade and tonnage dilution
was incorporated into the model.
|
●
|
The Mineral Reserve was evaluated
using a cut-off grade of 0.41 to 0.71 g/t Au depending on mining
area and weathering profile.
|
Qualified persons
A "Qualified Person" is as defined
by the National Instrument 43-101 of the Canadian Securities
Administrators. The named Qualified Person(s) have verified the
data disclosed, including sampling, analytical, and test data
underlying the information or opinions contained in this
announcement in accordance with standards appropriate to their
qualifications. Each Qualified Person consents to the inclusion of
the information in this document in the form and context in which
it appears.
Information of a scientific or
technical nature in this document, including but not limited to the
Mineral Resource estimates, was prepared by and under the
supervision of the Centamin Qualified Persons, Howard Bills,
Centamin Group Exploration Manager, and Craig Barker, Centamin
Group Mineral Resource Manager, in addition to the below
independent Qualified Persons.
The following table includes the
respective independent Qualified Persons, who have the sign-off
responsibilities of the final NI 43-101 Technical Report. All are
experts in their relevant disciplines who fulfil the requirements
of being a "Qualified Person(s)" under the CIM Definition
Standards.
Author(s)
|
Company
|
Discipline
|
Michael Millad
|
Cube Consulting
|
Mineral Resource estimate and
geology
|
Flavie Isatelle
|
Cube Consulting
|
Mineral resource estimate and
geology
|
Grant Harding
|
Independent Metallurgical
Operations
|
Metallurgy
|
Ross Cheyne
|
Orelogy Consulting
|
Mineral Reserve estimate and mining
methods
|
David Morgan
|
Knight Piesold Consulting
|
Project infrastructure
design
|
Deepak Malhotra
|
GR Engineering Services
|
Recovery Methods, CAPEX and Process
OPEX
|
Independent Technical Consultants
The following table includes the
consultant companies that contributed to the Centamin DFS report:
Company
|
Discipline
|
Cube Consulting
|
Mineral Resource estimate and
geology
|
Earth Systems
|
Environment and social
studies/Closure costs
|
ECG Consulting
|
High Voltage power supply and
distribution
|
Knight Piesold Consulting
|
Project infrastructure
design
|
Independent Metallurgical
Operations
|
Metallurgy
|
GR Engineering Services
|
Process design, capital and
operating estimate
|
Orelogy Consulting
|
Mineral Reserve estimate and mining
methods
|
SRK Consulting
|
Open pit geotechnical
design
|
TetraTech (Piteau
Associates)
|
Hydrology, hydrogeology, geochemical
studies
|
About Centamin
Centamin is an established gold
producer, with premium listings on the London Stock Exchange and
Toronto Stock Exchange. The Company's flagship asset is the Sukari
Gold Mine ("Sukari"), Egypt's largest and first modern gold mine,
as well as one of the world's largest producing mines. Since
production began in 2009 Sukari has produced over 5 million ounces
of gold, and today has 6.0Moz in gold Mineral Reserves. Through its
large portfolio of exploration assets in Egypt and Côte d'Ivoire,
Centamin is advancing an active pipeline of future growth
prospects, including the Doropo project in Côte d'Ivoire, and has
over 3,000km2 of highly prospective exploration ground
in Egypt's Nubian Shield.
Centamin recognises its
responsibility to deliver operational and financial performance and
create lasting mutual benefit for all stakeholders through good
corporate citizenship, including but not limited to in 2022,
achieving new safety records; commissioning of the largest hybrid
solar farm for a gold mine; sustaining a +95% Egyptian workforce;
and, a +60% Egyptian supply chain at Sukari.
FOR
MORE INFORMATION please visit the
website www.centamin.com
or contact:
Forward-looking
Statements
This announcement (including
information incorporated by reference) contains "forward-looking
statements" and "forward-looking information" under applicable
securities laws (collectively, "forward-looking statements"),
including statements with respect to future financial or operating
performance. Such statements include "future-oriented financial
information" or "financial outlook" with respect to prospective
financial performance, financial position, EBITDA, cash flows and
other financial metrics that are based on assumptions about future
economic conditions and courses of action. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "believes", "expects",
"expected", "budgeted", "forecasts" and "anticipates" and include
production outlook, operating schedules, production profiles,
expansion and expansion plans, efficiency gains, production and
cost guidance, capital expenditure outlook, exploration spend and
other mine plans. Although Centamin believes that the expectations
reflected in such forward-looking statements are reasonable,
Centamin can give no assurance that such expectations will prove to
be correct. Forward-looking statements are prospective in nature
and are not based on historical facts, but rather on current
expectations and projections of the management of Centamin about
future events and are therefore subject to known and unknown risks
and uncertainties which could cause actual results to differ
materially from the future results expressed or implied by the
forward-looking statements. In addition, there are a number of
factors that could cause actual results, performance, achievements
or developments to differ materially from those expressed or
implied by such forward-looking statements; the risks and
uncertainties associated with direct or indirect impacts of
COVID-19 or other pandemic, general business, economic,
competitive, political and social uncertainties; the results of
exploration activities and feasibility studies; assumptions in
economic evaluations which prove to be inaccurate; currency
fluctuations; changes in project parameters; future prices of gold
and other metals; possible variations of ore grade or recovery
rates; accidents, labour disputes and other risks of the mining
industry; climatic conditions; political instability; decisions and
regulatory changes enacted by governmental authorities; delays in
obtaining approvals or financing or completing development or
construction activities; and discovery of archaeological ruins.
Financial outlook and future-ordinated financial information
contained in this news release is based on assumptions about future
events, including economic conditions and proposed courses of
action, based on management's assessment of the relevant
information currently available. Readers are cautioned that any
such financial outlook or future-ordinated financial information
contained or referenced herein may not be appropriate and should
not be used for purposes other than those for which it is disclosed
herein. The Company and its management believe that the prospective
financial information has been prepared on a reasonable basis,
reflecting management's best estimates and judgments at the date
hereof, and represent, to the best of management's knowledge and
opinion, the Company's expected course of action. However, because
this information is highly subjective, it should not be relied on
as necessarily indicative of future results. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such information or
statements, particularly in light of the current economic climate
and the significant volatility, the risks and uncertainties
associated with the direct and indirect impacts of COVID-19.
Forward-looking statements contained herein are made as of the date
of this announcement and the Company disclaims any obligation to
update any forward-looking statement, whether as a result of new
information, future events or results or otherwise. Accordingly,
readers should not place undue reliance on forward-looking
statements.
LEI: 213800PDI9G7OUKLPV84
Company No: 109180