Sukari turnaround key for Centamin
Martin Horgan talks through the deal at 2024 Gold Forum Americas
The results of four years' work restructuring has led to a £1.9 billion offer by AngloGold Ashanti, Centamin chief executive Martin Horgan told delegates at the 2024 Gold Forum Americas in Colorado Springs in Denver, US.
Unable to speak about the transaction for legal reasons due to the AngloGold bid, Horgan talked delegates through the restructuring which has set the business up to produce 470-500,000oz this year.
"The last three to four years work has really demonstrated the potential of Sukari, and has been an incredible journey for us. We reset Sukari for the long term, shown direction into West Africa, and we have exciting exploration potential in Egypt, so you can understand why the likes of AngloGold have looked at us," said Horgan.
With exploration potential in Egypt at EDX which can add satellite production to Sukari and development of Doropo in Cote d'Ivoire, the company is looking at production of over 700,000ozpa in the 2027-2032 period at an all-in sustaining cost of about US$1000/oz.
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Company-wide, Centamin has 13.4Moz of measured and indicated resources and 7.7Moz of proven and probable reserves.
Having completed a feasibility study on Doropo this year, the company is in the process of applying for a mining license. Doropo will produce more than 200,000ozpa during its first five years of operation following an initial expenditure of $373 million.
The Centamin board recommends AngloGold's takeover transaction, which is expected to be completed by the end of the year.
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