Executive Summary
Centamin Egypt Limited (LON:CEY) is a mineral exploration company with a licence to drill in the Sukari Hill gold project. The company has been in operation since 1995 and it has held the Sukari Hill licence since 2005. The site's measured and indicated resources consist of 9.01m ounces of gold with an additional inferred potential of 3.3m ounces. Centamin Egypt is listed on the London Stock Exchange and the Toronto Stock Exchange.
Company History
Key milestones in the company's history are provided below.
- 1970: the company was incorporated and listed on the Australian Stock Exchange, with various gold, base metal and diamond projects in Australia, including the Nelson's Fleet gold project at Kambalda
- 1999: the company acquired Pharaoh Gold Mines NL (PGM), giving it access to exploration for gold and base metals in the Eastern Dessert of Egypt
- Listed on AIM in 2001 [1]
- 2003: the company successfully raised $22,244,889 through the conversion of options, enabling it to continue drilling and exploration in Egypt
- 2005: PGM was granted a 160km squared exploration lease over the Sukari Hill gold project, with tenure for 30 years and the option to renew for a further 30 years
- 2007: the company was listed on the Toronto Stock Exchange
Current Events
Recent events in the company's history are provided below.
- May 2009: the company found a thick, high grade gold intersection at the Sukari Hill Project [2]
- June 2009: the company’s first gold was poured [3]
- August 2009: the company applied to be removed from the ASX, and to be moved from its listing on the AIM to the LSE
- November 2009: the company announced that it expects to make the move into the FTSE 250 in December 2009
Business Model
Centamin now operates solely in Egypt, apart from its 10% interest in the Nicholls diamond project joint venture in the Kimberley Region of Western Australia and a royalty interest in the Nelson Fleet gold project at St. Ives in Western Australia through its subsidiary, Viking Resources Limited. These Australian interests are not yet yielding. The intention of the Directors is to continue to focus on Egypt with the
objective of becoming a large producer of gold in the Eastern Desert region and establishing the Company as a major North African mining house.
Products/Services
Segments/Customers
Production/Operations
The Company is concentrating on its…
