TIDMCEY
RNS Number : 9530D
Centamin PLC
27 June 2023
27 June 2023
Centamin plc
("Centamin" or "the Company")
LSE: CEY / TSX: CEE
Positive pre-feasibility study at the Doropo Gold Project
Definitive feasibility study ("DFS") work underway assessing
upside opportunities
Centamin is pleased to provide the outcomes of the
pre-feasibility study ("PFS") at its Doropo Gold Project ("Doropo")
located in north-eastern Côte d'Ivoire, including maiden Mineral
Reserves estimate, detailed project parameters and economics, with
identified upside opportunities for evaluation during the
definitive feasibility study ("DFS").
Martin Horgan, CEO , commented: "The results from the Doropo PFS
demonstrate an economically robust project that meets Centamin's
hurdle rates to proceed with a definitive feasibility study. A life
of mine average production rate of approximately 175kozpa at
US$1,000/oz AISC over 10 years delivering an IRR of 26% at a gold
price of US$1,600/oz in a well-established mining jurisdiction
represents an excellent outcome. We have identified opportunities
to further optimise the project which will be assessed as part of
the DFS which is scheduled for completion in mid-2024. A
substantial part of the DFS fieldwork has already been completed in
2023 which derisks the timeline to completion and further confirms
our faith in the potential of Doropo to support a commercially
viable project which will bring significant investment and job
creation to northeastern Côte d'Ivoire."
HIGHLIGHTS [1]
-- Maiden Mineral Reserve Estimate of 1.87 million ounces
("Moz") of Probable Mineral Reserves, at an average grade of 1.44
grams per tonne of gold ("g/t Au"), supporting a 10-year life of
mine ("LOM")
-- Average annual gold production of 173koz over the LOM, with
an average of 210koz in the first five years
-- All-in sustaining costs ("AISC") of US$1,017 per ounce
("/oz") sold over the LOM, with an average AISC of US$963/oz for
the first five years
-- The mine plan assumes conventional open pit mining of a sequence of shallow pits
-- Mineral processing via a 4.0 to 5.5 million tonnes per annum
("Mtpa") semi-autogenous grinding ("SAG") mill, ball mill and
crusher ("SABC") circuit, and conventional carbon-in-leach ("CIL")
circuit for an average LOM gold metallurgical recovery rate of
92%
-- Total construction capital expenditure ("capex") of US$349
million, inclusive of a 10% contingency, with a 2.3 year payback
[2] at a US$1,600/oz gold price
-- Robust economics with a post-tax net present value of US$330
million and internal rate of return ("IRR") of 26%, using 5%
discount rate ("NPV(5%) ") and US$1,600/oz gold price (Discount
rate and gold price sensitivity table available below)
-- Definitive feasibility study ("DFS") and environmental and
social impact assessment ("ESIA") completion expected in H1 2024
ahead of mining license submission deadline
-- Upside opportunities identified for potential resource and
reserve growth and improvements to capital and operating
expenditure estimates
-- The Company will host a webcast presentation of the Doropo
project with the interim financial results on Wednesday, 26 July at
08.30 BST (UK time)
-- Link to print-friendly version of the announcement including PFS cash flow summary table
PRE-FEASIBILITY STUDY SUMMARY
Units Years 1-5 LOM
================================================= ======== ========== =======
PHYSICALS
Mine life Years 5 10
Total ore processed kt 22,138 40,554
Strip ratio w:o 3.9 4.1
Feed grade processed g/t Au 1.59 1.44
Gold recovery % 92.6% 92.4%
Total gold production koz 1,048 1,729
================================================= ======== ========== =======
PRODUCTION & COSTS
Annual gold production oz 210 173
Cash costs US$/oz 813 869
AISC US$/oz 963 1,017
================================================= ======== ========== =======
PROJECT ECONOMICS (post-tax and at US$1,600/oz)
Construction capital expenditure US$m 349
Cash flow US$m 526
NPV(5%) US$m 330
IRR % 26%
Payback period years 2.3
================================================= ======== ========== =======
Post-Tax Net Present Value (US$m) sensitivity analysis
Gold price
==================================================================================
Discount rate US$1,500/oz US$1,600/oz US$1,700/oz US$1,800/oz US$1,900/oz US$2,000/oz
============== ============ ============ ============ ============ ============ ============
5% 248 330 428 526 624 701
6% 222 300 393 486 579 652
7% 198 272 360 448 536 606
8% 176 247 330 414 497 563
9% 156 223 302 382 461 524
10% 137 201 276 352 428 487
============== ============ ============ ============ ============ ============ ============
PROJECT CASH FLOW Summary: link
WEBCAST PRESENTATION
The Company will host a webcast presentation with the interim
results on Wednesday, 26 July 2023 at 08.30 BST to discuss the
results and Doropo Gold Project, followed by an opportunity to ask
questions.
Webcast link :
https://www.investis-live.com/centamin/64632d444170900d004d0607/lubo
PRINT-FRILY VERSION of the announcement: www.centamin.com/
media/companynews .
DOROPO GOLD PROJECT PRE-FEASIBILITY STUDY
Overview
The Doropo Gold Project is in the northeast of Côte d'Ivoire,
situated in the north-eastern Bounkani region between the Comoè
National Park and the international border with Burkina Faso, 480km
north of the capital Abidjan and 50km north of the city of
Bouna.
The license holding is currently 1,847 km(2) and covers thirteen
gold deposits, named Souwa, Nokpa, Chegue Main, Chegue South,
Tchouahinin, Kekeda, Han, Enioda, Hinda, Nare, Kilosegui, Attire
and Vako. Approximately 85% of the gold deposits are concentrated
within a 7km radius ("Main Resource Cluster"), with Vako and
Kilosegui deposits located within an approximate 15km and 30km
radius, respectively.
Geologically, Doropo lies entirely within the
Tonalite-Trondhjemite-Granodiorite domain, bounded on the eastern
side by the Boromo-Batie greenstone belt, in Burkina Faso, and by
the Tehini-Hounde greenstone belt on the west.
MINERAL Resources and Reserves
The PFS is based on the 2022 Mineral Resource Estimate for
Doropo published in November 2022 (link to regulatory announcement
here ). The maiden Mineral Reserve estimate has converted 74% of
Mineral Resource ounces to Mineral Reserves.
There is potential for additional resource conversion and
further resource growth. Several exploration targets have been
identified across the license holding which have the potential to
increase the resource and reserve base.
Detailed Mineral Resource and Reserve notes can be found within
the Endnotes.
Jun-23
============================= =========================================================
Tonnage Grade Gold Content
(Mt) (g/t) (Moz)
========================================= ============== ============== =============
MINERAL RESERVES
Proven - - -
Probable 40.55 1.44 1.87
========================================= ============== ============== =============
P&P Reserves 40.55 1.44 1.87
========================================= ============== ============== =============
MINERAL RESOURCES (including reserves)
Measured - - -
Indicated 51.51 1.52 2.52
========================================= ============== ============== =============
M+I Resources 51.51 1.52 2.52
========================================= ============== ============== =============
Inferred 13.67 1.14 0.5
========================================= ============== ============== =============
Mining
-- 11 years of mining operations, including pre-commercial works
-- LOM 4.1x strip ratio (waste to ore)
-- 24 million tonnes per annum ("Mtpa") peak total material movement
The relatively shallow deposits will be mined using a
conventional drill, blast, load and haul open pit operation. The
basis for the PFS is a contract mining operation, delivering up to
5.4 Mtpa of ore to the run of mine ("ROM") pad and stockpiles
annually, with variation based on the location and the combination
of oxide, transition and fresh ore mined. The project plans to mine
41Mt of ore to be fed into the process plant and 166Mt of waste
over the life of mine.
Processing
-- Free milling gold leads to conventional closed SAG/ball mill and CIL flowsheet
-- Mill capacity 5.5Mtpa (oxide/transition ore), 4.0Mtpa (fresh ore)
-- Averaging 92% gold recovery over the LOM
Flowsheet development has been supported by extensive
metallurgical test work at the PFS stage. The results showed high
gold extractions and low reagent consumption results in most fresh
rock master composites tested and excellent gold extraction in
oxide and transitional master composite samples. As a result the
flowsheet has been simplified by removing the pyrite flotation,
ultrafine grind circuit and subsequent flotation concentrate
leaching circuits which were assumed in the 2021 preliminary
economic assessment ("PEA") flowsheet.
Processing at Doropo will involve primary crushing and grinding
of the mined ore, using SAG and ball mills in closed circuits to a
target grind size (P(80) ) of 75 microns (um) for fresh ore and 106
um for oxide and transition ore. A gravity circuit will recover any
native/free gold, before entering the carbon-in-leach ("CIL")
circuit. After which the gold will be recovered by an elution
circuit, using electrowinning and gold smelting to recover gold
from the loaded carbon to produce doré.
Infrastructure
-- Access to 90kV national grid for the Doropo project power provision
-- Tailings storage facility ("TSF") will be fully geomembrane
lined and the embankment will be built using the downstream
construction method
Knight Piésold Consulting, the global mining services
specialists, carried out a PFS of the site infrastructure for
Doropo including TSF , water storage/harvest dam, airstrip and haul
access road.
The TSF was designed in accordance with Global Industry Standard
on Tailings Management ("GISTM") and Australian National Committee
on Large Dams ("ANCOLD") guidelines. The TSF will be fully lined
with a geomembrane liner and constructed by the downstream
construction method with annual raises to suit storage
requirements. The TSF is designed to have a final capacity of
29Mm(3) or 41Mt of dry tails and will cover a total footprint area
(including the basin area) of approximately 346 hectares for the
final stage facility.
The power supply for the project will use the Côte d'Ivoire
national grid, this offers a cost and potential carbon saving
relative to other options including self-generation as the tariff
is based on a mix of hydro and thermal generation with a large
portion of hydroelectric. The proposed power supply solution for
the project is via the existing Bouna Substation which is
approximately 55km southeast of Doropo.
Environmental and Social
The Company has established engagement forums with local
communities and authorities at Doropo through the PFS phase and
consulted with project affected communities on impact management
and mitigation measures.
The project baseline ESIA was prepared by Earth Systems and
H&B Consulting working in conjunction with Centamin. Early
development of the baseline ESIA information has allowed its
incorporation into the PFS design and decision-making process. The
baseline studies indicate 2,000 to 3,000 people may require
physical resettlement and up to 5,000 hectares of agricultural land
could be impacted by the project development. The PFS plans for a
staged approach to project development, mining sequencing and
therefore Resettlement Action Plan ("RAP"), with progressive
rehabilitation to help minimise community and physical impacts as
resettlement and livelihood restoration outcomes are a key factor
for project success.
The project provides a valuable opportunity to boost local
social development and regional infrastructure with a commitment to
invest 0.5% of project revenues into a social development fund, and
through local job creation.
The outer extent of the Doropo project is 7.5km from the Comoé
National Park, which is a UNESCO World Heritage site. Doropo is
being designed to avoid adverse impacts to the park and its
biodiversity, including assessing the opportunity to create a
'buffer-zone' to further safeguard the natural area.
The full ESIA work programme is now underway to support formal
mining licence application in 2024 and the inform the DFS work
programmes.
COSTS
Operating Costs
Operating cost estimates for mining have been prepared by the
consultant Orelogy, through a competitive bid process. Contract
mining has been selected as the basis for all the open pit mining
activities managed by Centamin's operation team. Cost estimates for
processing and general and administration ("G&A") costs were
prepared by Lycopodium with input from Centamin. Key input costs
used are a delivered diesel price of $1.00 per litre, and power
costs of $0.113/kwh, down from the PEA cost of $0.159/kwh due to
the ability to utilise grid power versus on-site power
generation.
LOM Average Costs
Area Unit Cost
============ ================= =====
Mining US$/t mined 4.1
============ ================= =====
Processing US$/t processed 12.9
============ ================= =====
G&A US$/t processed 3.5
============ ================= =====
Capital Costs
-- Total up-front construction capital costs of US$349 million,
including US$34 million in contingency
-- LOM sustaining capital costs of US$110 million, including closure costs
The below table is an estimate of the initial construction capex
prepared by Lycopodium and Knight Piésold. Centamin provided the
Owner Project Cost.
Construction Capital Estimate US$m
=============================== =====
Construction distributable 26
Treatment plant costs 99
Reagents & plant services 18
Infrastructure 73
Mining 19
Management costs 27
Owner project costs 54
=============================== =====
Total excl. Contingency 315
=============================== =====
Contingency 34
=============================== =====
TOTAL CONSTRUCTION CAPEX 349
=============================== =====
The below table is an estimate of ongoing capital commitments to
sustain operations over the LOM, as well as closure and
rehabilitation costs. It uses input from Knight Piésold as well as
closure estimates based on similar operations.
Sustaining Capital Estimate US$m
================================ =====
Sustaining capital expenditure 80
Closure and rehabilitation 30
================================ =====
TOTAL SUSTAINING CAPEX 110
================================ =====
Ownership, Permitting, Taxes and Royalties
-- Financial modelling based on current Ivorian mining code and tax regime
-- Sliding scale royalties between 3%-6% depending on the gold price
-- Social development fund royalty of 0.5%
The Doropo project is contained within the current exploration
permits that were granted to Centamin's 100% owned subsidiaries,
Ampella Mining Côte d'Ivoire and Ampella Mining Exploration Côte
d'Ivoire.
Under the current Ivorian mining code, mining permits are
subject to a 10% government free-carry ownership interest. However,
for the purpose of the PFS project evaluation and disclosures
included within this document, the cash flow model is reflected on
a 100% project basis.
The financial model has assumed the corporate tax ("CIT") rate
of 25% for the LOM, adjusted for a 75% rebate on CIT for the first
commercial year of production and 50% rebate on CIT for the second
year of commercial production, as per the mining code. The full 25%
CIT rate is applied thereafter. The project benefits from a VAT and
import duties exemption during the construction phase and until
first production.
Royalties are applied to gross sales revenue, after deductions
for transport and refining costs and penalties on a sliding scale
depending on gold price. Please refer to the table below:
Spot Gold Price (US$/oz) Applicable Royalty Rate
========================= ========================
<1,000 3.00%
1,000 - 1,300 3.50%
1,300 - 1,600 4.00%
1,600 - 2,000 5.00%
>2,000 6.00%
========================= ========================
The project will support local development through the payment
of a social fund royalty of 0.5% of gross sales revenue.
Project Timeline
-- Submit mining license application by the middle of 2024
-- Final commissioning two years from final investment decision (T=0)
Next steps
The Company completed a high-level of detailed work during the
PFS stage, to de-risk and expedite the delivery of the DFS and meet
the mining licence application deadline.
The 2023 Doropo budget remains unchanged and on track at US$23
million, of which US$13.2 million has been spent year to 31 May
2023 primarily on drilling and ESIA baseline study work.
DFS work programmes are underway:
-- Drilling : To take advantage of the favourable drilling
conditions during the dry season, the DFS drilling programme was
prioritised and is 94% complete. To date 64,922 metres have been
drilled, costing US$6.1 million:
o 39,649 metres of reverse circulation ("RC") resource infill
drilling
o 4,096 metres of diamond drill ("DD") resource infill
drilling
o 14,708 metres of RC grade control drilling
o 5,650 metres of DD metallurgical drilling
o 818 metres of DD geotechnical drilling
o The remaining 4,000 to 4,500 metres of drilling to do will be
split between some geotechnical drilling, and infill and twin hole
drilling at the Vako and Sanboyoro deposits.
-- ESIA : Data collection for the ESIA and RAP is underway,
including and not limited to extensive public consultation with our
local stakeholders. Completion of the draft report is targeted by
the end of 2023 for submission to the Ivorian authorities for
approval and permitting.
-- Desktop and laboratory work programmes, including but not
limited to, metallurgical test work to establish grade recovery
curves and optimise reagent consumption. Continued geological and
hydrological work such as structural interpretation and domaining,
refining lithology models, groundwater modelling and geotechnical
testing of the main lithologies.
PROJECT upside opportunities
-- Resource upgrade: there are Inferred Mineral Resources
situated both outside and within the current pit shells. With
additional drilling and metallurgical test work, these resources
could support conversion of some of the material into Indicated
Mineral Resources which can then be converted into reserves for
evaluation and inclusion in the DFS.
o Potential extensions to mineralisation at the Han, Kekeda and
Atirre deposits within the Main Resource Cluster
o Potential at depth where the Souwa mineralised structure
(which dips north-west) intersects the trending Nokpa mineralised
zone
-- Additional mineralisation from target areas, systematic
surface exploration work has identified multiple exploration
targets (gold-in-soil/auger anomalies) across the project
footprint. Some targets have been drill tested and warrant further
development work, whilst others remain untested. These have the
potential to provide resource growth which could be supported by a
Mineral Resource Estimation and provide upside potential to the
current mine life. Some of the drilling results could be
incorporated in the DFS resource update, otherwise, further
brownfields exploration will be undertaken during the life of
mine.
o At Kilosegui, mineralisation remains open along strike in both
directions from the mineral resource area, indicated by
gold-in-soil and sample auger geochemical anomalies. In addition,
there is a second short parallel structure evident from soil and
auger sampling on the south side of the Kilosegui resource
area.
o Untested soil anomalies in the Vako-Sanboyoro area 10-15km
west of the Main Resource Cluster
o Untested soil anomalies to the North and to the South of the
Main Resource Cluster
-- Operational cost-saving opportunities
o Further pit optimisation and evaluation of owner-mining,
instead of contract-mining, given the Company's extensive operating
experience at the Sukari Gold Mine in Egypt.
o Further processing optimisation, including evaluation of the
comminution parameters and reagent consumption
-- Construction cost-saving opportunities by increasing in-house
project execution versus the use of engineering, procurement and
construction management contractors.
-- Environmental and social opportunities to minimise the
requirement for physical community resettlement through the DFS and
ESIA workstreams.
NOTES
Investors should be aware that the figures stated are estimates
and no assurances can be given that the stated quantities of metal
will be produced.
MINERAL RESOURCE AND MINERAL RESERVE NOTES
Mineral Resource Notes
-- Mineral Resource Estimates contained in this document are
based on available data as at 25 October 2022.
-- The gold grade estimation method is Localised Uniform Conditioning.
-- The rounding of tonnage and grade figures has resulted in
some columns showing relatively minor discrepancies in sum
totals.
-- All Mineral Resource Estimates have been determined and
reported in accordance with NI 43-101 and the classification
adopted by the CIM.
-- A cut-off grade of 0.5 g/t gold is used for reporting as it
is believed that the majority of the reported resources can be
mined at that grade.
-- The Mineral Resource cut-off grade of 0.5g/t was established
prior to the PFS study, confirming the economic viability of a
smaller portion of lower-grade oxide resources. As Centamin
proceeds with the DFS, a review and revision of the Mineral
Resource cut-off grades for oxide resources will be conducted.
-- Pit optimisations based on a US$2,000/oz gold price were used
to constrain the 2022 Mineral Resource and were generated by
Orelogy Mine Consultants.
-- This Updated Mineral Resource Estimate was prepared by
Michael Millad of Cube Consulting Pty Ltd who is the Qualified
Person for the estimate.
-- This Updated Mineral Resources Estimate is not expected to be
materially affected by environmental, permitting, legal title,
taxation, socio-political, marketing or other relevant issues.
Mineral Reserve Notes
-- The Mineral Reserves were estimated for the Doropo Gold
Project as part of this PFS by Orelogy Mine Consulting.
-- The total Probable Mineral Reserve is estimated at 40.6 Mt at
1.44 g/t Au with a contained gold content of 1.87Moz.
-- The Mineral Reserve is reported according to CIM Definition
Standards for Mineral Resources and Mineral Reserves (CIM,
2014).
-- The mine design and associated Mineral Reserve estimate for
the Doropo Gold Project is based on Mineral Resource classified as
Indicated from the Cube Mineral Resource Estimate (MRE) with an
effective date of 25 October 2022.
-- Open pit optimizations were run in Whittle 4X using a
US$1,500/oz gold price to define the geometry of the economic open
pit shapes.
-- Mining costs were derived from submissions from mining
contractors to a Request for Budget Pricing. Other modifying
factors such as processing operating costs and performance, general
and administrative overheads, project capital and royalties were
provided by Centamin.
-- Ore block grade and tonnage dilution was incorporated into the model.
-- All figures are rounded to reflect appropriate levels of confidence.
-- Apparent differences may occur due to rounding.
-- The Mineral Reserve was evaluated using variable cut-off
grades of 0.39 to 0.71g/t Au depending on mining area and
weathering as detailed in the table below:
Mining Area Unit Weathered Fresh
===================================== ======== ========== ======
Souwa / Nokpa / Chegue Main & South g/t Au 0.39 0.6
Enioda g/t Au 0.44 0.66
Han g/t Au 0.43 0.64
Kekeda g/t Au 0.42 0.63
Kilosegui g/t Au 0.5 0.71
===================================== ======== ========== ======
Qualified persons
A "Qualified Person" is as defined by the National Instrument
43-101 of the Canadian Securities Administrators. The named
Qualified Person(s) have verified the data disclosed, including
sampling, analytical, and test data underlying the information or
opinions contained in this announcement in accordance with
standards appropriate to their qualifications. Each Qualified
Person consents to the inclusion of the information in this
document in the form and context in which it appears.
Information of a scientific or technical nature in this
document, including but not limited to the Mineral Resource
estimates, was prepared by and under the supervision of the
Centamin Qualified Persons, Howard Bills, Centamin Group
Exploration Manager, and Craig Barker, Centamin Group Mineral
Resource Manager, in addition to the below independent Qualified
Persons.
The following table includes the respective independent
Qualified Persons, who have the sign-off responsibilities of the
final NI 43-101 Technical Report. All are experts in their relevant
disciplines who fulfil the requirements of being a "Qualified
Person(s)" under the CIM Definition Standards.
Author(s) Company Discipline
=============== ========================== ==================================================
Michael Millad Cube Consulting Mineral Resource estimate and geology
=============== ========================== ==================================================
Stephan Buys Lycopodium Minerals Metallurgy, process design and operating estimate
=============== ========================== ==================================================
Ross Cheyne Orelogy Consulting Reserve estimate and mining methods
=============== ========================== ==================================================
David Morgan Knight Piesold Consulting Project infrastructure design
=============== ========================== ==================================================
Independent Technical Consultants
The following table includes the consultant companies that
contributed to the Centamin PFS report:
Company Discipline
============================== ===========================================================
Cube Consulting Mineral Resource estimate and geology
============================== ===========================================================
Earth Systems Environment and social studies
============================== ===========================================================
ECG Consulting Power supply and distribution
============================== ===========================================================
Knight Piesold Consulting Project infrastructure design
============================== ===========================================================
Lycopodium Minerals Metallurgy, process design, capital and operating estimate
============================== ===========================================================
Orelogy Consulting Reserve estimate and mining methods
============================== ===========================================================
SRK Consulting Open pit geotechnical design
============================== ===========================================================
TetraTech (Piteau Associates) Hydrology, hydrogeology, geochemical studies
============================== ===========================================================
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 million ounces of gold, and today has
6.0Moz in gold Mineral Reserves. Through its large portfolio of
exploration assets in Egypt and Côte d'Ivoire, Centamin is
advancing an active pipeline of future growth prospects, including
the Doropo project in Côte d'Ivoire, and has over 3,000km(2) of
highly prospective exploration ground in Egypt's Nubian Shield.
Centamin recognises its responsibility to deliver operational
and financial performance and create lasting mutual benefit for all
stakeholders through good corporate citizenship, including but not
limited to in 2022, achieving new safety records; commissioning of
the largest hybrid solar farm for a gold mine; sustaining a +95%
Egyptian workforce; and, a +60% Egyptian supply chain at
Sukari.
FOR MORE INFORMATION please visit the website www.centamin.com
or contact:
Centamin plc FTI Consulting
Alexandra Barter-Carse, Head of Corporate Ben Brewerton / Sara Powell
Communications / Nick Hennis
investor@centaminplc.com +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 direct or indirect 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, the risks and uncertainties
associated with the direct and indirect impacts 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
[1] 100% project basis, NPV calculated as of the commencement of
construction and excludes all pre-construction costs
[2] Payback calculated from the commencement of commercial
production
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDNKABDABKDAAB
(END) Dow Jones Newswires
June 27, 2023 02:00 ET (06:00 GMT)
Centamin (LSE:CEY)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Centamin (LSE:CEY)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024