AFTER suffering the turmoil of two revolutions in 2011 and 2012, Andrew Pardey’s Centamin, a FTSE 250 company operating in Egypt, has staged a dazzling comeback, far exceeding its forecast production from its Sukari mine for 2016 and paying back its $1bn in capital expenditure by the third quarter. The latter means the company will share 50% of profits from Sukari with the Egyptian government. However, that won’t stand in the way of a dividend with Pardey promising to improve on the firm’s policy which is 30% of net free cash flow. Centamin is to begin underground mining at Sukari – a 14 million oz deposit that was mined in pharaonic times – whilst other similar deposits are thought to lurk in the Sahara. Pardey’s strategy for Centamin is to discover and develop its own gold mines. In addition to its Sahara desert presence, it also has land packages in Burkina Faso and Ivory Coast. Some of the company’s few blips were a $46.7m charge it took in its books while it appeals a dispute with an oil supplier, and a claim against the grant of Sukari lease to Centamin’s founder Sami El Raghy. The claim is still in court but anticipated reforms may see it disappear. Pardey’s close friend and colleague, Richard Osman, Centamin’s business development officer, was tragically killed in the crash in April 2016 of Egypt Air flight MS804.
LIFE OF ANDREW
Born in Sydney, Pardey was chief geologist at Sons of Gwalia before being drafted in to run AngloGold Ashanti’s Siguiri mine in Guinea. He was COO of Centamin from 2012 to 2015 when he was appointed CEO. He is married with four children and enjoys surfing and watching rugby.
“Sukari’s not unique: the whole eastern desert has similar deposits.”
- Web Address: www.centamin.com