Centamin Targets $100 Mln Reduction In Gross Annual Cost Base By 2024

Centamin plc. (CELTF.PK,CEY.L,CEE.TO) said that it targets US$100 million reduction in the gross annual cost base by 2024. It plans to distribute at least US$100 million in total dividends for each of the financial years 2020 and 2021.

The company said it is positioning Sukari to reliably produce 450,000-500,000 ounces of gold per annum, at all-in sustaining costs below US$900/oz sold from 2024.

Centamin is hosting a capital markets on Wednesday, 2 December 2020, for investors and analysts.

In a separate press release, Centamin said that it has taken the proactive measure to partially integrate contract-mining into the open pit medium term mine plan at Sukari. It enables the company to accelerate the increased waste stripping programme and improve overall operational flexibility in the open pit.

As part of this increased open pit waste stripping programme Centamin continues to utilise its existing owner operator fleet, which has capacity of 80-90 million tonnes total material moved (ore and waste) per annum.

The company has awarded Capital Drilling (Egypt) LLC, a subsidiary of LSE listed Capital Limited with a conditional open pit waste mining services contract for the East wall and has also expanded and extended its existing drilling contract at Sukari.

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