Centamin unveils Sukari new mine plan, aims to over 500k ounces production

Egypt-focused Centamin (LSE: CEY) (TSX: CEE) has published a new, more ambitious mine plan for the Sukari gold mine.

According to the company, the new mine plan will push production to an average 506,000 oz per year at all-in sustaining costs below US$1,000 per ounce, for the next nine years and contribute to a 5% increase in total gold production over the mine’s 11-year life.

2023 gold production guidance is maintained with a range of 450,000 to 480,000 oz, targeting the lower end of the range.

Sukari is currently Egypt’s largest and first modern gold mine, as well as one of the world’s largest producing mines. Since production began in 2009, it has produced over 5 million oz. of gold, and today has a projected mine life of 14 years.

The company also announced the connection to the Egyptian national grid, delivering an estimated $41 million of annual cost savings based on current diesel prices.

The company will publish Q3 Results next Thursday 19 October 2023.

Centamin’s stock rose by 1.45% as of 12:10 p.m. ET. The company has a market capitalization of $1.17 billion.

THIS ARTICLE FIRST APPEARED ON MINING.COM