Last checked at 25 Apr 2023 07:00
25 April 2023
Centamin plc
("Centamin", "Group" or "the Company")
LSE: CEY / TSX: CEE
2022 Sustainability report
for the twelve months ended 31 December 2022
Centamin announces the publication of its 2022 Sustainability Report. The report sets out how the Company manages and integrates sustainability across the business, including our performance and targets. Centamin is committed to meeting international standards of good practice across its sustainability priorities: governance, safety, health and wellbeing, energy and climate, materials stewardship, socio-economic partnership, people and transformation. The report highlights the Company's ongoing progress against these areas and the positive impact from its investment in Egypt.
This is Centamin's sixth annual sustainability report produced in accordance with the GRI Sustainability Reporting Standards ("GRI") 'Core option', the GRI Mining and Metals Sector Supplement, the requirements of the Sustainability Accounting Standards Board ("SASB") for the metals and mining industry and our second report to address the recommendations of the Taskforce on Climate-related Financial Disclosures ("TCFD").
The full report is available on the Company's website www.centamin.com/investors/results-reports/.
MARTIN HORGAN, CEO commented: "The team at Centamin take pride in our responsible approach to mining, setting the benchmark for sustainability performance and good industry practice in Egypt. We are acutely aware of our responsibility as an owner and operator of the Sukari Gold Mine ("Sukari") and temporary custodians of the land. Our environmental programmes underpin this commitment and in 2022 we set out our decarbonisation roadmap and ambitious interim target of 30% reduction in our Scope 1 and 2 greenhouse gas emissions by 2030. Commissioning of the Sukari 36MW solar plant marked tangible progress towards that target and we are busy delivering and assessing further carbon abatement initiatives.
Economic contribution to our host countries is fundamental to Centamin's purpose. In 2022, Centamin distributed US$848 million in economic value, from operating costs and employee wages, to capital expenditure, as well as profit share and royalty payments. The vast majority of this value distribution remained in Egypt, not least because of our partnership with the Egyptian government but also because 96% of our workforce are Egyptian and 67% of procurement spend is with Egyptian suppliers. By delivering on our promises, we have established the credibility and capability to deliver on Centamin's next phase of growth - a safer, smarter, more sustainable future that delivers value for all our stakeholders."
HIGHLIGHTS
Continued reinforcement of health and safety practices resulted in zero fatalities, an 83% improvement year-on-year in LTIFR and 13% improvement in TRIFRStrong levels of local content with 96% of our workforce employed locally to the country of operation and 68% of the total Group procurement spend is with national suppliersAchievement of interim targets for gender diversity and inclusion at Sukari, including 34 women employed at our sites in Egypt, up from 8 in 2021Continued implementation of our professional development framework for all employees at Sukari resulted in a 62% increase in total training hours to 44 hours per employeeSustained zero reportable environmental incidents across the Group and no issues of regulatory non-compliance reportedPublished our decarbonisation roadmap (LINK) to 2030 targeting a 30% reduction in operational Scope 1 and 2 greenhouse gas emissions ("GHG") and identifying several further abatement opportunities under review, andCommissioned the Sukari 36MWDC hybrid solar project, which will reduce diesel fuel consumption by an estimated 20 million litres per annum and lower carbon emissions by 60,000 tCO2-e.Performance Summary
FY22 | FY21 | % Δ | |
HEALTH, SAFETY & WELLBEING |
|
| |
LTIFR (1m hours worked) | 0.08 | 0.46 | (83%) |
TRIFR (1m hours worked) | 2.61 | 3.01 | (13%) |
Fatalities (workforce) | 0 | 0 | 0% |
OUR PEOPLE |
|
| |
Total workforce (employees and contractors) | 5,211 | 4,388 | 19% |
Local workforce (% of total employed) | 96% | 95% | 1% |
Local leadership (% of total leadership team) | 76% | 70% | 9% |
Workforce development (training hours per employee) | 44.3 | 27.3 | 62% |
Female representation in the workforce (% of total employed) | 2.7 | 2.4 | 13% |
SOCIAL & ECONOMIC PARTNERSHIP |
| ||
Community spend (US$m) | 0.6 | 0.33 | 82% |
Local procurement (% of total procurement spend) | 68% | 62% | 10% |
Community incidents (recordable category 4 & 5) | 2 | 0 | 200% |
ENVIRONMENTAL RESPONSIBILITY |
|
| |
Environmental incidents (recordable category 4 & 5) | 0 | 0 | 0% |
Water reuse | 37% | 32% | 16% |
Scope 1 & 2 GHG emissions (MtCO2-e) | 0.50 | 0.48 | 4% |
About Centamin
Centamin is an established gold producer, with premium listings on the London Stock Exchange and Toronto Stock Exchange. The Company's flagship asset is the Sukari Gold Mine ("Sukari"), Egypt's largest and first modern gold mine, as well as one of the world's largest producing mines. Since production began in 2009 Sukari has produced over 5 million ounces of gold, and today has 6.0Moz in gold Mineral Reserves. Through its large portfolio of exploration assets in Egypt and Côte d'Ivoire, Centamin is advancing an active pipeline of future growth prospects, including the Doropo project in Côte d'Ivoire, and has over 3,000km2 of highly prospective exploration ground in Egypt's Nubian Shield.
Centamin recognises its responsibility to deliver operational and financial performance and create lasting mutual benefit for all stakeholders through good corporate citizenship, including but not limited to in 2022, achieving new safety, commissioning of the largest hybrid solar farm for a gold mine, sustaining a +95% Egyptian workforce and a +60% Egyptian supply chain at Sukari.
FOR MORE INFORMATION please visit the website www.centamin.com or contact:
Centamin plc Alexandra Barter-Carse, Head of Corporate Communications investor@centaminplc.com | FTI Consulting Ben Brewerton / Sara Powell / Nick Hennis +442037271000 centamin@fticonsulting.com |
Forward-looking Statements
This announcement (including information incorporated by reference) contains "forward-looking statements" and "forward-looking information" under applicable securities laws (collectively, "forward-looking statements"), including statements with respect to future financial or operating performance. Such statements include "future-oriented financial information" or "financial outlook" with respect to prospective financial performance, financial position, EBITDA, cash flows and other financial metrics that are based on assumptions about future economic conditions and courses of action. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "believes", "expects", "expected", "budgeted", "forecasts" and "anticipates" and include production outlook, operating schedules, production profiles, expansion and expansion plans, efficiency gains, production and cost guidance, capital expenditure outlook, exploration spend and other mine plans. Although Centamin believes that the expectations reflected in such forward-looking statements are reasonable, Centamin can give no assurance that such expectations will prove to be correct. Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of the management of Centamin about future events and are therefore subject to known and unknown risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. In addition, there are a number of factors that could cause actual results, performance, achievements or developments to differ materially from those expressed or implied by such forward-looking statements; the risks and uncertainties associated with direct or indirect impacts of COVID-19 or other pandemic, general business, economic, competitive, political and social uncertainties; the results of exploration activities and feasibility studies; assumptions in economic evaluations which prove to be inaccurate; currency fluctuations; changes in project parameters; future prices of gold and other metals; possible variations of ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; climatic conditions; political instability; decisions and regulatory changes enacted by governmental authorities; delays in obtaining approvals or financing or completing development or construction activities; and discovery of archaeological ruins. Financial outlook and future-ordinated financial information contained in this news release is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available. Readers are cautioned that any such financial outlook or future-ordinated financial information contained or referenced herein may not be appropriate and should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that the prospective financial information has been prepared on a reasonable basis, reflecting management's best estimates and judgments at the date hereof, and represent, to the best of management's knowledge and opinion, the Company's expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information or statements, particularly in light of the current economic climate and the significant volatility, the risks and uncertainties associated with the direct and indirect impacts of COVID-19. Forward-looking statements contained herein are made as of the date of this announcement and the Company disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements.
LEI: 213800PDI9G7OUKLPV84
Company No: 109180