Centamin Plc said on Wednesday that a review of its Sukari mine in Egypt showed the biggest increase in reserves in a decade.
The London-listed mining company said its only gold mine, Sukari, had increased its reserves by more than 1m ounces, supporting its plan to produce 500000 ounces of gold a year over the next decade. The company produced 452320 ounces of gold in 2020.
In October last year, the mine experienced production challenges after a stability problem occurred in an open-pit wall, and the review of the mine is also aimed at improving productivity.
The company also provides a three-year outlook for production of 450000-500000 ounces of gold in 2024, with an estimated capital expenditure of $165 million.
Centamin says the $100m cost savings plan has increased by 50 per cent and will be achieved by 2024.
