Centamin plans return to over 500koz production
Egypt-focused miner Centamin has published a new, more ambitious mine plan for the Sukari gold mine.
Centamin's new mine plan will push production to an average 506,000oz per year for the next nine years and contribute to a 5% increase in total gold production over the mine's 11-year life.
"Today's new life-of-mine plan firmly re-establishes Sukari as a global tier one gold asset, with long-term production above 500,000 oz per year at all-in sustaining costs below US$1000/oz," said Centamin chief executive Martin Horgan.
Breaking the 500,000oz per year barrier represents a significant turnaround for Centamin, since Horgan took over as chief executive in 2020.
Centamin said the new mine plan would improve recovery and save costs, with an additional US$41 million in annual cost savings through a deal to buy power from the national grid.
The new all AISC target of US$992/oz represents a 34% improvement over the previous life-of-mine plan.
Centamin updated on operations, with 2023 production expected to come in at the lower end of the guided 450,000-480,000 oz range. Sukari's cash cost guidance is maintained with a range of $840-990/oz produced and AISC guidance range of $1,250-1,400/oz
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