Centamin Unveiled Plan to Unlock Sukari Gold Mine’s Potential

SEATTLE (Scrap Monster): Centamin plc. unveiled a three-year plan for Sukari gold mine- Egypt’s only gold-exporting mine. The plan is aimed at cutting costs and boosting efficiencies at the mine that has been struggling over the past two years, mainly due to operational issues.

The company has already strengthened the board and management, in order to ensure that it continues to remain as one of the world’s leading, low-cost mines for long term. The plan focuses on generating strong and sustainable cash flows, thereby delivering handsome returns to its shareholders.

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Centamin has completed first of the two phases of life of asset (LOA) review at the mine. The phase-1 provided the basis to align the asset to industry standards, by creating a robust three-year plan that will deliver production growth in the medium term. The second phase will evaluate additional opportunities to further improve operating costs and productivity, said the company press release.

It plans to spend $595 million to increase waste stripping at the mine. Capital Limited has been selected to provide the extraction process service to help Centamin access higher grade ore.

The new plan will lift the mine’s gold production to between 450,000 and 500,000 ounces of gold from 2024 onwards.