Centamin raises estimate for Egypt’s Sukari gold mine reserves by 10%

This upward revision is attributed to an improved geological understanding of the Sukari mine, which led to an increase of 500,000 ounces in gold reserves, the Australian company said.

Centamin added that its primary focus for 2024 will be on expanding resources in the underground sector.

To achieve this objective, the company has plans for extensive drilling in the Sukari mine, targeting a total of 285,000 metres as part of its geological programme for 2024.

"The results of the full analysis from an initial drilling operation of 16,000 meters in the Eastern Desert are expected to be available by the first quarter of 2024," the company indicated.

As of the end of June 2023, the Sukari mine's mineral reserves stood at 5.8 million ounces of contained gold, with a 4 percent decrease year-on-year, primarily due to mining depletion of 0.52 million ounces, partially offset by 0.24 million ounces of mineral reserve growth, according to the data released by the company.

“Based on the planned throughput and mining rates, the remaining life of the Sukari mineral reserve is estimated to be 13 years for the open pit operation, including stockpiles, and 8 years for the underground operation,” Centamin noted.