REG - Centamin PLC - Early Completion of Waste Stripping Programme

CentaminAnnouncement

18/07/2024 07:00

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RNS Number : 8422W  Centamin PLC  18 July 2024

18 July 2024

Centamin plc

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

LSE: CEY / TSX: CEE

 

EARLY COMPLETION OF 120MT CONTRACT waste stripping programme

 

MARTIN HORGAN, CEO, commented: "Capital Ltd has delivered an excellent
performance, resulting in early completion of the volume component within the
four-year fixed contract term, while also ensuring safety and efficiency
throughout the waste mining project.

Having successfully completed the 120 Mt of waste stripping ahead of schedule
we intend to leverage the Capital Ltd fleet until this September. This
additional capacity will support the construction of a new dump leach pad, as
well as facilitating the early completion of limited waste stripping scheduled
for 2025 ahead of the delivery of the new 785C dump trucks. The net result is
expected to be a small increase in total open pit material mined above the
planned annual volume for 2024."

 

HIGHLIGHTS

 ●    Completed 120 million tonne ("Mt") volume component ahead of the fixed four
      year contract term having started in January 2021. This has enabled us to
      further retain Capital Ltd to mine up to 10 Mt of waste until September 2024,
      with 2 to 3 Mt being incremental to the planned total annual volume at Sukari,
      equating to a 1-2% increase.
 ●    Dump leach expansion. Up to 3 Mt of the volumes allocated to Capital Ltd will
      be used to divert part of our fleet to accelerate the construction of a new
      dump leach facility, expected by mid-2025. The dump leach facility will
      initially add approximately 5,000 ounces per annum for four years, with
      potential for further expansion under evaluation.
 ●    Additional work will be allocated as follows; 4 Mt will supplement the owners
      fleet waste mining capacity ahead of the delivery of five new 785C dump
      trucks. The remaining 2 to 3 Mt will also be allocated to waste mining to
      fully utilise the remaining Capital Ltd fleet capacity.
 ●    Guidance remains unchanged. Any updates to made in combination with H1-24
      performance during the upcoming interim results.

 

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 5.7 million ounces of gold, and today has a
projected mine life to 2035.

Through its large portfolio of exploration assets in Egypt and Cote 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 or contact:

Centamin plc

Michael Stoner, Head of Corporate

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 the ongoing 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,
uncertainty and disruption caused by the outbreak 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

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