The Arabian-Nubian Shield and Beyond
In Q3 2011 Centamin acquired Sheba Exploration plc in a transaction that valued Sheba at £7.48 million.
Through the acquisition, Centamin gained interests in 4 exploration licences in Ethiopia, marking the first step in Centamin's strategy to diversify geographically.
To find out more about our 4 exploration licences in Ethiopia, please visit the Operational Overview page.
The Arabian-Nubian Shield
The Arabian-Nubian Shield, which includes the countries of Egypt, Ethiopia, Eritrea, Sudan and Saudi Arabia, is highly mineralised. It is increasingly recognised as an emerging mining region, particularly for precious metals.
Geology in other parts of the Shield is similar to Sukari's geology, so Centamin's team is well positioned to grow into other parts of the region. To date, there has been limited exploration in the Arabian-Nubian Shield using modern techniques, although a number of other projects have been developed by other mining companies in Eritrea, Ethiopia and Saudi Arabia.
The acquisition of Sheba marked Centamin's first step into another part of the Arabian-Nubian Shield and we are continuously evaluating other accretive opportunities.
Beyond The Shield…
Centamin's first mover advantage in Egypt and the Arabian-Nubian shield makes the region a natural focus for us. However we continue to assess strategic opportunities in other geographies in order to create maximum value for our shareholders.