REG - Centamin PLC - 2023 Annual Report and Sustainability Report

CentaminAnnouncement

27/03/2024 07:00

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RNS Number : 4227I  Centamin PLC  27 March 2024

27 March 2024

Centamin plc

("Centamin", "Group" or "the Company")

LSE: CEY / TSX: CEE

 

2023 Annual report and Sustainability report
for the twelve months ended 31 December 2023

 

Centamin announces the publication of its 2023 sustainability report in
conjunction with the publication of the 2023 annual report. The reports are
available on the Company's website www.centamin.com/investors/results-reports/
(http://www.centamin.com/investors/results-reports/) . The Annual General
Meeting will be on 21 May 2024, hosted in Jersey. The notice of AGM will be
posted to shareholders on 9 April 2024 and associated documents filed at that
time.

Centamin's sustainability report sets out the Company's framework for
integrating sustainability into its business strategy and governance
processes; and presents performance against sustainability targets at both a
Group and asset-level. The sustainability priorities presented in the report
remain clear and consistent, reflecting a continued focus on the most material
topics to both Centamin and its stakeholders. These priorities include:
environmental and social governance; safety, health and wellbeing; energy and
climate; materials stewardship; socio-economic partnership; and, people and
transformation. The report highlights the Company's achievements in each of
these areas and the positive impact arising from its investments in Egypt and
Cote d'Ivoire.

MARTIN HORGAN, CEO commented: "We are pleased to align the publication of the
2023 annual report with the sustainability report for the first time,
integrating sustainability metrics into our annual reporting cycle.

Our team takes pride in our responsible approach to mining, setting the
benchmark for sustainability performance and good industry practice in Egypt.
Enhancing the socio-economic contribution to our host countries is fundamental
to Centamin's purpose. In 2023, Centamin distributed US$984 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, by virtue of our partnership
with the Egyptian government and our high level of national employment and
procurement.

Through 2023 we continued to deliver against our sustainability targets with
improved performance across our priority metrics. I am proud to report
significant progress on numerous long-term programmes most notably: ISO 45001
certification at Sukari; a marked reduction in Group Scope 1 and 2 greenhouse
gas ("GHG") emissions; and an increased level of conformance of our tailings
management system to the Global Industry Standard on Tailings Management
("GISTM").

Looking ahead to 2024, the grid connection project will continue our recent
success in delivering our near-term decarbonisation targets, while also taking
costs out of the business. We will also continue to increase our conformance
to the GISTM, targeting full conformance during 2025."

HIGHLIGHTS

·      9.5 million hours worked at the Sukari Gold Mine ("Sukari") with
zero lost time injuries ("LTI"). The Group lost time injury frequency rate
("LTIFR") of 0.08 was an 83% improvement on the 3-year trailing average. Total
recordable injury frequency rate ("TRIFR") of 2.83, representing a 24%
improvement on the 3-year trailing average.

·      Sustained zero reportable environmental and social incidents
across the Group and zero instances of regulatory non-compliance reported.

·      A 7% reduction in Scope 1 and 2 GHG emissions compared to a 2021
base year, driven primarily by a 21.5 million litre reduction in diesel
consumption during the first full year of solar power generation.

·      Advanced development of carbon abatement projects in support of
the 2030 Decarbonisation Roadmap (link to RNS here
(https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=4267402&lang=en-GB&companycode=au-cey&v=)
), notably a 50MW(AC) grid connection and 15MW(AC) solar plant expansion.

·      Strong levels of local content with 95% of our workforce employed
locally to the country of operation and 81% of the total Group procurement
spend is with national suppliers.

·      Sustained commitment to provide professional development
opportunities that empower our employees to fulfil their potential. For the
Group, 76% of senior and middle management roles are held by nationals; and at
Sukari, 67% of employees were assessed to have met training requirements for
progression to a higher level of competency.

·      Systematic gap analysis complete against the requirements of the
GISTM and roadmap in place to achieve full conformance during 2025.

SUSTainability Performance Summary

                                                               2023   2022   % Δ
 HEALTH, SAFETY & WELLBEING
 LTIFR (1m hours worked)                                       0.08   0.08   0%
 TRIFR (1m hours worked)                                       2.83   2.61   8%
 Fatalities (workforce)                                        0      0      0%
 OUR PEOPLE
 Total workforce (employees and contractors)                   4,902  5,211  (6%)
 Local workforce (% of total employed)                         95%    96%    (1%)
 Local leadership (% of total leadership team)                 76%    76%    0%
 Workforce development (training hours per employee)           42.5   44.3   (4%)
 Female representation in the workforce (% of total employed)  3.4    2.7    27%
 SOCIAL & ECONOMIC PARTNERSHIP
 Community spend (US$m)                                        0.8    0.6    35%
 Local procurement (% of total procurement spend)  1           81%    77%    5%
 Community incidents (recordable category 4 & 5)               0      2      (100%)
 ENVIRONMENTAL RESPONSIBILITY
 Environmental incidents (recordable category 4 & 5)           0      0      0%
 Water reuse                                                   38%    37%    3%
 Scope 1 & 2 GHG emissions (MtCO(2)-e)                         0.45   0.50   (11%)

reporting standards

The sustainability report has been prepared 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 the
recommendations of the Taskforce on Climate-related Financial Disclosures
("TCFD"). The report also provides a statement of our conformance to the
Global Industry Standard on Tailings Management ("GSITM").

 

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 5.7 million ounces of gold, and today has a projected
mine life to 2034.

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 over 3,000km(2) of highly
prospective exploration ground in Egypt's Arabian Nubian Shield.

Centamin practices responsible mining activities, recognising its
responsibility to deliver operational and financial performance and create
lasting mutual benefit for all stakeholders through good corporate
citizenship.

FOR MORE INFORMATION please visit the website www.centamin.com
(http://www.centamin.com) or contact:

 Centamin plc                                                  FTI Consulting

 Michael Stoner, Head of Corporate                             Ben Brewerton / Sara Powell / Nick Hennis

 investor@centaminplc.c (mailto:investor@centaminplc.com) om   +442037271000
 (mailto:investor@centaminplc.com)

                                                               centamin@fticonsulting.com (mailto: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

 

 1  Local procurement spend for 2022 has been corrected following revision to
the accounting method in 2023.

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