Centamin delays Doropo findings as hopes rise for project capex reduction

CENTAMIN has delayed the publication of a prefeasibility study of its Doropo project in Côte d’Ivoire following an upgrade to its mineral resource and potential cost savings.

An in-fill drilling programme over the last two years had identified in pit constained shells of 2.5 million oz in the indicated category that could be included in the maiden resource.

Importantly, these resources add up to an indicated resource grade of 1.52 grams per ton which is higher than the previous estimate of 1.25g/t. Additional resources might also be identified subject to a follow-up drilling programme of other targets, the company said.

In addition, Centamin might be able to reconfigure the processing plan for Doropo which might result in a lower overall capital cost.

“Given the potential to deliver significant capital and operating cost savings, we are undertaking further comparative test work ahead of publishing the outcome of the PFS which is now expected in H1 2023,” said Martin Horgan, CEO of Centamin.

A preliminary economic assessment (PEA) of Doropo last year implied a 13-year life of mine producing average annual gold of 207,800 oz for the first five years, and 150,959 oz over the life of mine. The prospect contains a total of two million ounces at an average all-in sustaining cost of $904/oz. Building the mine would cost $275m at last count.

“We gave it a good shake,” said Horgan of the PEA conducted on Doropo. “Inflation will be a factor but we have built in enough fat in the PEA that it will be a real project.”