Centamin completes Sukari waste stripping programme ahead of schedule

18th Jul 2024 08:03

(Sharecast News) - Gold miner Centamin said on Thursday that it Capital Ltd has completed its 120.0m tonne four-year contract waste stripping programme at its Sukari mine in Egypt ahead of schedule.

Centamin stated that the early completion of the programme had enabled it to further retain Capital to mine up to 10.0m tonnes of waste until September 2024, with 2.0m-3.0m tonne being incremental to the planned total annual volume at Sukari, equating to a 1-2% increase.

Chief executive Martin Horgan said: "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."

The FTSE 250-listed group also revealed it had received positive results from a definitive feasibility study at its Doropo gold project in north-eastern Côte d'Ivoire, with a mineral reserve estimate of 1.88m ounces of probably mineral reserves at an average grade of 1.53 grams per tonne of gold, supporting a ten-year life of mine.

As of 0955 BST, Centamin shares were up 0.12 % at 133.36p.

Reporting by Iain Gilbert at Sharecast.com