Our Strategy
Our corporate strategy remains consistent and clear - deliver long-term stakeholder returns by maximising free cash flow generation from responsible mining of high quality, long life assets and disciplined capital allocation.
Our operational strategy is focused on long-term production of profitable ounces - value over volume. Stringent cost management and disciplined capital allocation provides the Company with the financial flexibility to promote further growth both organically and through value-accretive opportunities.
This is achieved through our three strategic pillars:
2022 PROGRESS
- US$36m paid in EMRA profit share
- US$24m in royalties to Egypt
- US$[58]m paid and proposed as a FY22 dividend to shareholders
- Expanded our local supply chain by value and volume
- Updated Code of Conduct and Diversity and Inclusion policy
2023 PRIORITIES
- Foreign direct investment to our host countries
- Commence Doropo environmental and social impact assessment
- Develop Egyptian public engagement campaign
- Complete the Sukari grid power feasibility study
- Publish our Climate Change Strategy to 2030
- Decarbonisation Roadmap
- Deliver targets as per the SLL for diversity, workforce development and climate
- Return a minimum of 30% of free cash flow to shareholders in cash dividends
2022 PROGRESS
- Achieved 8 million hours LTI-free
- 13% improvement on TRIFR
- 2022 guidance delivered
- US$45 million in gross cost savings
- Added 0.9Moz in P&P Mineral Reserves
- Increased the underground life of mine to 10 years
- Commissioned 36MWDC solar plant
2023 PRIORITIES
- 25% improvement on 3 year rolling average TRIFR
- Produce 450,000-480,000 ounces
- AISC US$1,250-1,400 per ounce sold
- Further gross cost savings in excess of US$36 million to reach US$150 million 4-year target
- Complete the 280,000 metre drill programme
- Advance the open pit accelerated waste stripping programme
- Publish an update Life of Mine Plan (NI 43-101) for Sukari
- Complete the gravity circuit scoping study
2022 PROGRESS
- Final stages of the Doropo PFS
- Completed Egypt’s first airborne geophysical study at Sukari
- Commenced EDX field exploration
- Advanced negotiations on the exploitation terms for EDX
- ABC systematic field exploration programme across the three licences
- Secured US$150m sustainability-linked revolving credit facility for growth projects
2023 PRIORITIES
- Complete the Doropo PFS
- Delineate near mine surface targets on the Sukari Mining Concession
- Systematic EDX field exploration, targeting first drilling
- Agree the EDX exploitation terms with the Egyptian government
- Continue to evaluate inorganic opportunities
Strategy in action
A year of delivery
