7.0 GOLD RESERVE (MOZ)
1.1 RESERVE GRADE (G/T)
> 15 YEARS LIFE OF MINE

"OUR ABILITY TO CREATE LONG-TERM VALUE IS UNDERPINNED BY THE QUALITY OF OUR ASSETS."

YOUSSEF EL-RAGHY COUNTRY MANAGER (EGYPT)

2019 HIGHLIGHTS

480,528 PRODUCTION (oz)
1.28 FEED GRADE (g/t)
88.1 % GOLD RECOVERY

OVERVIEW

Ten years ago, we produced our first gold bar from Sukari, a seminal milestone in the Company’s history and the modern Egyptian mining industry. Today, we have produced in excess of 4Moz of gold from Sukari, generating US$1 billion in Sukari free cash flow and significant stakeholder opportunities and returns.

Sukari is a low cost, bulk tonnage open pit and a high-grade underground operation, with significant exploration upside at depth and regionally, within the 160km2 tenement.

Our operating strategy at Sukari remains to focus on responsibly producing profitable ounces – value over volume – through stringent cost controls, disciplined capital allocation and improving operating efficiencies.

Further optimisation studies are currently underway, identifying productivity and cost-saving opportunities across the operation.

Latest Sukari technical report

 

OPERATING SUMMARY 2019 2018 2017 2016 2015 2014
Open Pit              
Waste kt 64,018 54,746 54,780 51,289 49,020 33,884
Ore mined kt 14,372 23,131 16,090 10,949 8,746 10,936
Underground              
Ore mined kt 1,087 1,243 1,145 1,019 1,158 968
Processing              
Ore processed kt 12,859 12,568 12,032 11,559 10,575 8,428
Feed grade g/t Au 1.28 1.26 1.57 1.65 1.40 1.56
Gold recovery % 88.1 88.7 88.1 89.4 88.8 87.8
Gold production oz 480,528 472,418 544,658 551,036 439,072 377,261
Costs              
Cash costs US$'000 produced 333,037 289,394 301,706 282,681 313,058 275,023
AISC US$'000 sold 439,317 420,116 426,466 379,361 387,250 342,274
Unit Cash Costs US$/oz produced 699 624 554 513 713 729
Unit AISC US$/oz sold 943 884 790 694 885 912

Exploration at Sukari is currently focussed on continuing to expand the high-grade underground reserve and resource, thereby supporting both the longevity and expansion potential of this low-cost centre of production.

Over the coming years, continued decline and ore drive development within the Amun and Ptah will allow the underground drilling programme to progressively expand into the lateral and depth extents of the orebody.

SUKARI LONG-SECTION

The current development, as well as areas mined to date, are indicated on the below long-section of the Sukari deposit, showing the distribution of the current drill defined gold resources.

SUKARI CROSS-SECTION 

Looking north, below is a schematic cross-section of the gold mineralised structures. 

REGIONAL EXPLORATION 

Outside of 2.7km strike Sukari mine, there are numerous regional prospects within the 160km2 exploitation license. Whilst limited exploration has been undertaken in these areas, there are multiple indications of both higher-grade (structurally-controlled) and lower-grade (porphyry) mineralisation. These prospects offer the potential for resource expansion and low-cost satellite mining operations within a truckable distance from the main Sukari processing facility. 

The exploration strategy is to systematically explore and drill-test the numerous targets across the tenement. The exploration programme will progressively focus on these regional prospects over the near to medium-term. 

 

At Sukari, the Egyptian Mineral Resource Authority (“EMRA”), a division of the Egyptian government, is the Company’s partner, and is entitled to 50% of the operating profits from Sukari Gold Mine, as per the terms of the Concession Agreement. A representative from EMRA is present on site at all times.

MINERAL RESOURCES

open pit: 0.3g/t cut-off; underground 2.0g/t cut-off

  2019   2018
Category Tonnage (Mt) Grade (g/t) Gold Content (Moz)   Tonnage (Mt) Grade (g/t) Gold Content (Moz)
Measured 248 1.05 8.21   254 0.99 8.02
Indicated 74 0.88 2.11   104 0.89 2.98
Sukari Measured +Indicated 321 1.01 10.3   358 0.96 11
Inferred 12 1.49 0.59   34 0.8 0.88

MINERAL RESERVES

Open pit and stockpiles 0.4g/t cut-off, underground 3.0g/t cut-off

  2019   2018
Category Tonnage (Mt) Grade (g/t) Gold Content (Moz)   Tonnage (Mt) Grade (g/t) Gold Content (Moz)
Open pit              
Proven 134.6 1.2 5.1   131.1 1.1 4.7
Probable 29.0 1.0 0.9   43.1 1 1.5
P & P 163.6 1.1 6.0   174.2 1.1 6.2
Underground              
Proven 0.8 5.1 0.1   1.3 6.9 0.3
Probable 3.2 4.6 0.5   3.2 5.2 0.5
P & P 4.0 4.7 0.6   4.4 5.6 0.8
Stockpiles              
Proven 20.9 0.5 0.3   16 0.5 0.2
Probable - - -   - - -
P & P 20.9 0.5 0.3   16 0.5 0.2
Sukari Proven + Probable Reserve 188.4 1.1 7.0   194.6 1.2 7.25