18th Jul 2024 13:11
Centamin PLC - operates Sukari gold mine in Egypt - Releases definitive feasibility study for Doropo gold project in Ivory Coast, saying it demonstrates a "robust project" that meets its investment criteria. The DFS estimates probable mineral reserves of 1.88 million ounces of gold at an average grade of 1.53 grammes of gold per tonne of ore. This supports a 10-year life of mine, Centamin says, with average annual gold production of 167,000 ounces. All-in sustaining costs are estimated at USD1,047 per ounce over the life-of-mine. The spot gold price is USD2,464.00 an ounce on Thursday, rising in recent days. Centamin will conduct an early works plan ahead of a financial investment decision.
Separately, Centamin says drilling contractor Capital Ltd has completed 120 million tonnes of waste stripping at the Sukari mine ahead of schedule. Centamin will use the remaining portion of its four-year contract with London-listed Capital to help build a new dump leach pad and move onto waste stripping scheduled for 2025. "The net result is expected to be a small increase in total open pit material mined above the planned annual volume for 2024," Centamin says.
Current stock price: 133.22 pence
12-month change: up 43%
By Tom Waite, Alliance News editor
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