18 July
2024
Centamin plc
("Centamin", "Group" or "the
Company")
LSE: CEY / TSX: CEE
EARLY COMPLETION OF 120MT CONTRACT
waste stripping programme
MARTIN HORGAN, CEO, commented: "Capital Ltd has delivered
an excellent performance, resulting in early completion of the
volume component within the four-year fixed contract term, while
also ensuring safety and efficiency throughout the waste mining
project.
Having successfully completed the 120 Mt of waste stripping
ahead of schedule we intend to leverage the Capital Ltd fleet until
this September. This additional capacity will support the
construction of a new dump leach pad, as well as facilitating the
early completion of limited waste stripping scheduled for 2025
ahead of the delivery of the new 785C dump trucks. The net result
is expected to be a small increase in total open pit material mined
above the planned annual volume for 2024."
HIGHLIGHTS
●
|
Completed 120 million tonne ("Mt") volume component ahead of
the fixed four year contract term having started in January 2021. This has enabled us to further
retain Capital Ltd to mine up to 10 Mt of waste until September
2024, with 2 to 3 Mt being incremental to the planned total annual
volume at Sukari, equating to a 1-2% increase.
|
●
|
Dump leach expansion. Up to 3
Mt of the volumes allocated to Capital Ltd will be used to divert
part of our fleet to accelerate the construction of a new dump
leach facility, expected by mid-2025. The dump leach facility will
initially add approximately 5,000 ounces per annum for four years,
with potential for further expansion under evaluation.
|
●
|
Additional work will be allocated as follows;
4 Mt will supplement the owners fleet waste mining
capacity ahead of the delivery of five new 785C dump trucks. The
remaining 2 to 3 Mt will also be allocated to waste mining to fully
utilise the remaining Capital Ltd fleet capacity.
|
●
|
Guidance remains unchanged. Any
updates to made in combination with H1-24 performance during the
upcoming interim results.
|
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 5.7 million
ounces of gold, and today has a projected mine life to
2035.
Through its large portfolio of
exploration assets in Egypt and Cote d'Ivoire, Centamin is
advancing an active pipeline of future growth prospects, including
the Doropo project in Côte d'Ivoire, and over 3,000km2
of highly prospective exploration ground in Egypt's Arabian Nubian
Shield.
Centamin practices responsible
mining activities, recognising its responsibility to deliver
operational and financial performance and create lasting mutual
benefit for all stakeholders through good corporate
citizenship.
FOR
MORE INFORMATION please visit the
website www.centamin.com or contact:
Centamin plc
Michael Stoner, Head of
Corporate
investor@centaminplc.com
FTI
Consulting
Ben Brewerton / Sara Powell / Nick
Hennis
+442037271000
centamin@fticonsulting.com
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 the ongoing 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, uncertainty and disruption caused by the outbreak 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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact
rns@lseg.com or visit
www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our
Privacy
Policy.
END