(Sharecast News) - Centamin on Wednesday said a review into its Sukari gold mine in Egypt had revealed its largest reserve growth in a decade as it aimed to lift production to 500,000 ounces a year.
Centamin said Sukari production would hit 450,000 - 500,000 ounces in 2024, with output of 430,000-460,000 ounces in 2022 and 450,000-475,000 in 2023. Capital expenditure was expected to total $555m up to 2023.
The company said the increased mineral reserve of more than one million ounces at Sukari underpinned plans to produce 500,000 ounces a year of gold over the next 10 years.
Centamin said Sukari's prospects were enhanced by a 23% increase in proven and probable mineral reserves, including a three-fold increase for underground reserves.
An expansion study on the development of Sukari's underground pit is underway for completion in the second half of 2022.
Centamin PLC (CEY)23 May 2024 15:36