The Centamin PLC (LON: CEY) share price edged 1.25% higher after releasing its 2023 Update on its Group's Resources and Reserves. The company noted a 28% increase to 7.7 million ounces with notable expansion at its flagship Sukari mine in Egypt.
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The Proven and Probable (P&P) Mineral Reserves at Sukari have risen by 10% to 5.8 million ounces (Moz), up from the previously estimated 5.3Moz in the new Life of Mine Plan, released on October 12, 2023.
Across the group, P&P Mineral Reserves have grown by 3.5 Moz since 2020 (excluding depletion), surpassing the company's goal of a 3.0Moz increase.
The group's P&P Mineral Reserves have seen a 28% increase compared to 2022, now totalling 194 million tonnes at an average grade of 1.23 grams per tonne, amounting to 7.7Moz of gold. This increase is primarily due to reserve expansion at Sukari and the inclusion of initial Mineral Reserves at Doropo in Côte d'Ivoire.
The Group's Measured and Indicated (M&I) Mineral Resources stand at 392 million tonnes with an average grade of 1.06 grams per tonne, equating to 13.4Moz of gold (inclusive of Mineral Reserves). This figure reflects resource growth at Doropo and depletion at Sukari.
After completing the Definitive Feasibility Study (DFS) drilling program, the Doropo M&I Mineral Resources increased by 23% to 77 million tonnes at 1.26 grams per tonne, totalling 3.1Moz of gold. These updated resources will be the foundation for the DFS reserve update in mid-2024.
The 2024 geological agenda aims to expand resources and reserves across the portfolio.
Martin Horgan, Centamin’s CEO, commented: “Our improved geological understanding at Sukari has enabled a 500 thousand ounce increase in reserves over the 5.3 million ounce reserve estimated in the recently published LOM plan. Since 2020, we have delivered 3.5 million ounces of Mineral Reserves growth before mining depletion, exceeding our 3 million ounce target. This has been driven by reserve growth of almost 1.6 million ounces at Sukari and a maiden 1.9 million ounce reserve at Doropo. The progress made in 2023 is a testament to the geological opportunity within our portfolio, the quality of Centamin's geological leadership team and investment in our orebodies.”
Centamin share price.
The Centamin share price edged 1.25% higher to trade at 100.975p from Monday’s closing price of 99.725p.
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YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.