Centamin wants to put an end to the difficulties encountered in recent years to achieve its goals in Sukari, Egypt. With the development of a mining plan unveiled on December 2, the company aims for increasing production over the next three years, from 400,000 ounces of gold to 480,000.
The mining company Centamin announced on December 2 its plans to maintain stable production at Sukari for the next three years. According to the Ecofin Agency’s analysis of the company’s published mining plan, the Egyptian gold mine is expected to deliver between 2021 and 2023, an annual average of 427,000 to 457,000 ounces of gold.
“Today we are presenting how we will unleash the potential of Centamin. We have already strengthened the Board of Directors and management as we embark on a program to optimize Sukari and ensure that it remains one of the world’s leading low-cost gold mines in the long term. », Explained Martin Horgan, CEO of the company.
In detail, we learn, Centamin wants to produce 400,000 to 430,000 ounces in 2021. It aims to improve these results the following year, with gold production of between 430,000 and 460,000 ounces for 2022, then finally peak production in 2023, with expected delivery of 450,000 to 480,000 ounces. Finally, Centamin wants to maintain, from 2024, an annual production of between 450,000 and 500,000 ounces.
While these forecasts are subject to change due to a second assessment to be announced at the end of 2021, they already contrast with the mixed performance recorded over the past two years.
Centamin has indeed struggled to achieve its goals in 2019 with a production of 480,529 ounces, below its forecast of 490,000 to 520,000 ounces of gold. While targeting 510 to 525,000 ounces this year, the company has already lowered its annual target in the range of 445,000 to 455,000 ounces, following the ground movement at the mine in early October.
Source Ecofin Agency