Centamin Says New Life Of Mine Plan Delivers Long-term Increased Gold Production

(RTTNews) - Centamin plc (CELTF.PK, CEY.L, CEE.TO) said that new life of mine plan firmly reestablishes Sukari as a global tier one gold asset, with long-term production above 500,000 ounces per annum at all-in sustaining costs below US$1,000 per ounce.

The company noted that the new life of mine plan delivers long-term increased gold production, lower operational costs, reduced operational risk and significantly reduced carbon emissions through a combination of an improved open pit schedule, increased underground schedule, connection to the Egyptian national grid, and integration of a gold gravity circuit to the processing plant.

The company projects average gold production of 506,000 ounces per annum for next nine years (2024-2032); and 475,000 ounces per annum for life of mine (2024-2034), reflecting a 5% increase in new life of mine gold production compared to fiscal year 2022.

2023 gold production guidance is maintained with a range of 450,000 ounces to 480,000 ounces, targeting the lower end of the range.