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Centamin

About Us

Our Strategy

Centamin's strategy is to maximise the value of our asset base and promote further growth of the business by:

  • Setting and delivering on challenging targets
  • Maximising profitability and maintaining a strong balance sheet to enable growth, exploration and acquisitions
  • Operating safely and in an environmentally and culturally sensitive manner

Our Strategic focus and Priorities are defined in full below:

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Strategic focus: Cash generation
A rising production profile with competitive costs

With the completion of the Stage 4 expansion project in 2014, the Sukari operation transitioned out of its investment phase, where cash flows were used to fund the staged construction, and into a sustainable period of free cash flow generation over the remaining life of mine. These cash flows are set to increase further over the coming years as production continues to grow and costs reduce. With no further requirement for significant expansion capital, the operation is well positioned to benefit from a recovery in the gold price. Centamin has no debt or hedging and is therefore financially robust, with the financial flexibility to grow both organically and through strategic acquisitions.

Strategic focus: Shareholder returns
Balance sheet strength: dividend returns a priority

Having successfully built a substantial gold mining operation through a staged expansion programme and with a total of circa US$1.1 billion capital investment in Egypt, the Company is placed in a strong competitive position, with low cost production, solid growth potential and a stable balance sheet. In recognition of this, the Company initiated a dividend policy in 2014. Payments are made at the discretion of the board of directors, based on the financial condition of, and outlook for, the Company and its cash flow and financing needs. When determining the amount to be paid the board will aim to approve an annual dividend within the range of 15-30% of the Company’s net cash flow after sustaining capital costs and following the payment of Profit Share due to the Government of Egypt.

Strategic focus: Growth
Developing a well-balanced project pipeline with potential to add increasing production and incremental shareholder value

Our strategy with regard to growth is summarised in the table below.

Near term (1-2 years)

  • Continuing the production ramp up at Sukari towards circa 500,000 ounces per annum in 2017.
  • Resource/reserve replacement and expansion at Sukari, with a focus on underground high grade.
  • Resource expansion and project evaluation in Burkina Faso.
  • Target generation and maiden resource in Côte d’Ivoire.
  • Continue to evaluate selective M&A opportunities with the potential to develop low cost projects.

Medium term (3-5 years)

  • Exceed 500,000 ounces per annum at Sukari through optimising productivity and continued expansion of the underground operation.
  • Resource/reserve expansion at Sukari, with a focus on underground high grade.
  • Development and first production in Burkina Faso.
  • Results driven progression of Côte d’Ivoire.
  • Continue to evaluate selective M&A opportunities with the potential to develop low cost projects.

Long term (5+ years)

  • Continue to expand group reserves and production through exploration.
  • Become a multi-asset gold producer maintaining lowest quartile cost profile.
  • Continue to evaluate selective M&A opportunities with the potential to develop low-cost projects.

Strategic priority: Social Responsibility
Centamin is committed to working with the highest level of respect for our employees and the communities and environments in which we operate.

Our people are our most valuable resource. We are committed to attracting, energising, developing and retaining a highly skilled and experienced workforce. We value individuals with outstanding technical, professional and managerial skills, who can contribute to a positive working environment and demonstrate willingness to lead, take responsibility and display initiative. We aim to foster a relation of trust and open dialogue between employees and management.