Centamin aims for 500,000 ounces from Sukari after review

Centamin on Wednesday said a review into its Sukari gold mine in Egypt had revealed its largest reserve growth in a decade as it aimed to lift production to 500,000 ounces a year.

Centamin said Sukari production would hit 450,000 - 500,000 ounces in 2024, with output of 430,000-460,000 ounces in 2022 and 450,000-475,000 in 2023. Capital expenditure was expected to total $555m up to 2023.

The company said the increased mineral reserve of more than one million ounces at Sukari underpinned plans to produce 500,000 ounces a year of gold over the next 10 years.

Centamin said Sukari’s prospects were enhanced by a 23% increase in proven and probable mineral reserves, including a three-fold increase for underground reserves.

An expansion study on the development of Sukari's underground pit is underway for completion in the second half of 2022.