Centamin lifts Sukari mineral reserve
JOHANNESBURG (miningweekly.com) – Lower mining and processing operating costs associated with lower international fuel prices and continued underground drilling have resulted in a 7% increase in the mineral reserve of dual-listed Centamin’s Sukari mine, in Egypt.
The combined openpit and underground mineral reserve estimate now stood at 8.8-million ounces, up from the 8.2-million-ounce estimate as at September 30, 2013.
The mine had a measured and indicated mineral resource estimate of 13-million ounces of gold.
“Sukari has a robust resource, supporting an openpit mine life in excess of 20 years. The recent reduction in international fuel prices has had a positive impact on the reserve estimate, mainly in the deeper portions of the openpit.
“It is pleasing to see that, as underground mining rates have ramped up to the current level of around one-million tonnes a year, there has been continued growth of the underground reserve, with the average grade in line with our production forecast of 6 g/t,” Centamin CEO Andrew Pardey said.
He pointed out that the measured and indicated and inferred categories of the mine’s underground resource continued to expand, supporting Centamin’s expectation for further material increases over the coming years as development and drilling continued to extend along strike and at depth.
“Sukari remains in a strong position to continue to operate in the current low gold price environment. We remain focussed on ensuring costs are closely controlled and on realising the potential for further improvements in operational efficiencies over the coming quarters,” said Pardey.
The mine was expected to produce between 430 000 oz and 440 000 oz of gold this year.
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