Berenberg describes Centamin's exploration programme as 'systematic' and 'disciplined'

Analysts at Berenberg reiterated their 'buy' recommendation and 145.0p target price for shares of gold miner Centamin following an exploration roundtable with company management the day before.

Their main conclusion was that management had been putting geology first over the past two years in a systematic manner to better understand the ore bodies and regional picture in Egypt and Ivory Coast.

Centamin's approach to exploration was also described as "disciplined".

"[...] This, we think, will pay dividends in the form of on-mine and near-mine exploration, reserve replacement and the ability to supplement ore feed to the mill with higher-grade material from satellite deposits," they said.

They also believed that it would offer longer-dated upside potential in Egypt and Ivory Coast.

"While we make no adjustments to our model following this update, it provides us with comfort that management is working systematically on mine and further afield to create the best value for shareholders through the drillbit."