CENTAMIN said it had increased measured and indicated reserves at its Sukari gold mine in Egypt for the second successive year including reserves in the open pit net of depletion – the first time it had achieved this in seven years.
“We have added nearly two million ounces of gross mineral reserves over the last two years and we remain confident in delivering more growth both at Sukari and across the wider portfolio,” said Martin Horgan, CEO of Centamin in a statement last week.
The increased reserves is key to Horgan’s strategy of getting Sukari to sustainable annual production of 500,000 oz in the next two years largely driven from an underground expansion. Notably, newly proven underground mineral reserves of 1.2 million oz was a threefold increase since 2020.
Total measured and indicated mineral resources totalled 11.11 million oz at 1.08 grams per ton (g/t) representing a 13% increase in the last 12 months net of mining depletion and including mineral reserves. The cut off grade had not been changed demonstrating that the economics of Sukari remained sound.
Some 400,000 oz were added to open pit reserves at a 1g/t grade.
A life of mine plan for Sukari will be published in the first half of next year. The announcement underpinned Sukari’s “status as a Tier 1 gold mine,” said Horgan. Shares in Centamin have gained about 42% in the last six months.
All in all, group measures and indicated resources increased 13% to 13.6 million oz which includes an upgrade to Doporo, Centamin’s promising Cöte d’Ivoire prospect, and subtracts Burkina Faso’s Batie West project that Centamin sold this year.