Latest news with #Centamin
Globe and Mail
14-07-2025
- Business
- Globe and Mail
Can AngloGold's Cost Discipline Help It Maintain Edge Over Peers?
AngloGold Ashanti plc AU continues to navigate industry-wide inflationary pressures and manages to deliver resilient cost performance, backed by its Full Asset Potential (FAP) program and increased cost vigilance at the site level. AU reported a 4% year-over-year increase in group total cash costs to $1,223 per ounce in the first quarter of 2025. But digging deeper, the increase reflected a 5% rise in inflation across its operating jurisdictions and a 5% uptick in royalty costs linked to the higher gold prices. Overall, the company saw a 7% increase in market-driven costs. Managed operations saw a 2% year-over-year decline in total cash costs per ounce despite increases in royalties. This was driven by the inclusion of Sukari following the Centamin acquisition in November 2024 and steady performance at Siguiri. These gains were partially offset by operational challenges and a temporary plant stoppage at Iduapriem. Non-managed joint ventures experienced cost pressures, with total cash costs soaring 59% year over year to $1,325 per ounce. This was due to lower gold production, higher royalties and increased open pit volume-related operating costs at Kibali. All-in sustaining costs per ounce (AISC) for the group inched up 1% year over year to $1,640 per ounce in the quarter. At managed operations, AISC per ounce dipped 2% reflecting the positive impact of Sukari's inclusion, while AISC at non-managed joint ventures increased 37% due to weaker operational performance at Kibali. For 2025, AngloGold projects group total cash costs at $1,125-$1,225 per ounce, and AISC between $1,580 and $1,705 per ounce. Both ranges indicate a 2% increase at the midpoint from the year-ago reported levels. The company remains focused on improving its position on the cost curve, leveraging the FAP program to enhance operational efficiency and productivity offsetting inflationary impacts. Its cost management appears effective, with only a 1% rise in average real cash costs over the timeframe between first-quarter 2021 and first-quarter 2025. Its peer group, which includes major gold miners like Barrick Mining Corporation B and Newmont Corporation NEM, has seen a more than 20% spike in average real cash costs. Newmont's gold costs applicable to sales rose 16% year over year to $1,227 per ounce in the first quarter. AISC was $1,651 per ounce, reflecting a roughly 15% year-over-year increase. The rise was attributed to a decline in production due to non-core asset divestments as Newmont shifts its focus to Tier 1 assets. Barrick Mining saw a 22% sequential increase in AISC to $1,775 per ounce in the first quarter due to operational challenges, higher total cash costs per ounce and an uptick in mine site sustaining capital expenditure. Lower production due to the suspension of operations at Barrick's Loulo-Gounkoto mine also contributed to the rise. AU's Price Performance, Valuations & Estimates AngloGold Ashanti's stock has skyrocketed 104% year to date, outperforming the Zacks Mining – Gold industry's 53% growth. During this time, the Basic Materials sector has risen 13.7% and the S&P 500 has rallied 5.9%. AU is currently trading at a forward 12-month earnings multiple of 9.51X, at a discount to the industry average of 12.62X. The stock has a Value Score of B. The Zacks Consensus Estimate for AngloGold Ashanti's 2025 sales is $8.85 billion, indicating 52.8% year-over-year growth. The consensus mark for the year's earnings is $4.99 per share, indicating year-over-year growth of 125.8%. The Zacks Consensus Estimate for 2026 sales implies 2.3% year-over-year growth. The same for earnings indicates a decline of 1.3%. EPS estimates for 2025 and 2026 have been trending north over the past 60 days, as seen in the chart below. AU currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the favorite stock to gain +100% or more in the months ahead. They include Stock #1: A Disruptive Force with Notable Growth and Resilience Stock #2: Bullish Signs Signaling to Buy the Dip Stock #3: One of the Most Compelling Investments in the Market Stock #4: Leader In a Red-Hot Industry Poised for Growth Stock #5: Modern Omni-Channel Platform Coiled to Spring Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. While not all picks can be winners, previous recommendations have soared +171%, +209% and +232%. Download Atomic Opportunity: Nuclear Energy's Comeback free today. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AngloGold Ashanti PLC (AU): Free Stock Analysis Report Barrick Mining Corporation (B): Free Stock Analysis Report
Zawya
10-07-2025
- Business
- Zawya
Egypt: House of Representatives greenlights Centamin's 30-year Sukari gold mine exploitation
Arab Finance: The Egyptian House of Representatives has finally approved the draft law on the exploitation of gold ore and related minerals in the Sukari gold mine, as per a statement. The draft law was submitted by the government to license the project for the Minister of Petroleum and Mineral Resources, in partnership with the Egyptian Mineral Resources Authority (EMRA) and Centamin. It grants Centamin the rights to make use of the Sukari area for a 30-year period. Accordingly, the company is fully commited to self-finance the project, without the state bearing any burdens. Also, Centamin shall carry out regular assessments of the environmental impact of its mineral activities, while complying with environmental protection, general health, and safety standards. The project aims to boost Egypt's economy, provide new jobs, and back the state's efforts to develop the mining sector. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Globe and Mail
04-07-2025
- Business
- Globe and Mail
Is AngloGold Ashanti on Track to Meet 2025 Production Targets?
AngloGold Ashanti PLC AU has kicked off 2025 on a high note, posting its best first-quarter gold production since 2020 and setting an optimistic tone for the rest of the year. Driven by the successful integration of a major acquisition and strong performance across several key operations, AU is firing on all cylinders and reaffirming its full-year outlook. AngloGold Ashanti's gold production increased 22% year over year to 720,000 ounces in the first quarter of 2025. This reflected the first full-quarter contribution from the recently acquired Sukari mine in Egypt. This large-scale, long-life, world-class Tier 1 asset, acquired through AngloGold Ashanti's November 2024 takeover of Centamin, added 117,000 ounces in the first quarter. Sukari is expected to deliver up to 500,000 ounces of gold annually. Broad-based strength across the company's portfolio added further momentum in the first quarter. Siguiri delivered a sharp turnaround in performance, producing 80,000 ounces in the first quarter, a 67% jump from the first quarter of 2024. This was driven by optimized carbon-assisted operations and increased plant stability, which enabled higher throughput and the strategic exclusion of Bidini ore from processing. Tropicana and Sunrise Dam bounced back with 40% and 9% output increases, respectively, from the rainfall disruptions in the year-ago quarter. Cerro Vanguardia saw a 12% rise in production on improved plant performance and higher grades, while Geita posted a modest 2% improvement. This broad-based operational strength highlights AngloGold Ashanti's success in integrating its newest asset and driving productivity gains across its established operations. The company affirmed its 2025 production guidance of 2.900-3.225 million ounces, suggesting year-over-year growth of 9-21%. Output in 2026 is expected to remain at similar levels. Mixed Performances for AngloGold Ashanti's Peers Looking across the competitive landscape, Barrick Mining Corporation B saw a 19% year-over-year drop in first-quarter gold production to 758,000 ounces. This downturn was primarily due to the suspension of operations at the Loulo-Gounkoto mine amid Barrick's dispute with the Malian government over dividing the economic benefits and lower output across Carlin and Cortez. Barrick provided a tepid forecast for 2025, with attributable gold production expected in the range of 3.15-3.5 million ounces, excluding production from Loulo-Gounkoto. Agnico Eagle Mines Limited AEM saw a modest year-over-year decline of around 0.5% to 873,794 ounces in the first quarter on lower output at Canadian Malartic. Agnico Eagle wrapped up the acquisition of O3 Mining during the first quarter, adding the Marban project, which is expected to contribute around 130,000 ounces of gold per year to the Canadian Malartic complex. Agnico Eagle remains on track to meet its 2025 gold production target of around 3.3-3.5 million ounces. AU's Price Performance, Valuations & Estimates AngloGold Ashanti stock has appreciated 102.4% year to date, outperforming the Zacks Mining – Gold industry's 55.1% growth. During this time, the Basic Materials sector has risen 13.8%, while the S&P 500 has gained 5.4%. AngloGold Ashanti is currently trading at a forward 12-month earnings multiple of 10.12X, at a discount to the industry average of 13.02X. The stock has a Value Score of B. The Zacks Consensus Estimate for AU's 2025 sales is $8.85 billion, indicating 52.8% year-over-year growth. The consensus mark for the year's earnings is $4.99 per share, indicating year-over-year growth of 125.8%. The Zacks Consensus Estimate for 2026 sales implies 2.28% year-over-year growth. The same for earnings indicates a decline of 1.3%. However, EPS estimates for 2025 and 2026 have been trending north over the past 60 days, as seen in the chart below. AU stock currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here. 7 Best Stocks for the Next 30 Days Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops." Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.5% per year. So be sure to give these hand picked 7 your immediate attention. See them now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AngloGold Ashanti PLC (AU): Free Stock Analysis Report Agnico Eagle Mines Limited (AEM): Free Stock Analysis Report Barrick Mining Corporation (B): Free Stock Analysis Report This article originally published on Zacks Investment Research (
Egypt Today
16-05-2025
- Business
- Egypt Today
Egypt expands Sukari Gold Mine operations as part of national mining strategy
Centamin's Sukari mine in Red Sea governorate - Photo courtesy of Youssef el-Raghy, chairman of Centamin CAIRO – 16 May 2025: The Cabinet's Media Center released a video underscoring the importance of the Sukari Gold Mine, which it described as one of the largest gold mines in the world. The video detailed the mine's ongoing expansion operations in Egypt's Eastern Desert, aimed at increasing the gold reserves. It also emphasized that highly skilled Egyptian technical labor is working around the clock using the most advanced equipment globally to maximize production and ensure the highest quality standards. On Thursday, Prime Minister Mostafa Madbouly conducted an extensive field visit to the Sukari Gold Mine in the Marsa Alam area of the Eastern Desert. During the visit, he reviewed the various stages of gold ore production. The visit came to reflect the government's commitment to supporting and developing the mining sector and encouraging investment in this vital industry. Madbouly stressed the critical importance of the mineral wealth sector in Egypt. He noted the state's dedication to formulating a strategic plan for the development of this sector, under the directives of President Abdel Fattah El Sisi, with the goal of achieving the maximum possible economic return. According to him, a comprehensive roadmap has been established to implement this strategy, focusing on enhancing the performance of the mining sector, utilizing Egypt's diverse mineral resources, and expanding extractive industries.
West Australian
30-04-2025
- Business
- West Australian
Askari seizes first mover status on Ethiopian gold projects
Askari Metals has entered into a binding agreement to acquire 100% of Rift Valley Metals which owns a gold portfolio of five tenements enclosing 460 square kilometres of highly prospective ground in Ethiopia. The company's landholdings are within the Adola Greenstone Belt in the under-explored southern segment of the Arabian-Nubian Shield, about 350km south of Ethiopia's capital of Addis Ababa. The Arabian-Nubian Shield spans over 2.7 million square kilometres and remarkably is slightly bigger than the area of Western Australia. It covers Egypt, Sudan, Eritrea, Ethiopia, Saudi Arabia, and Yemen. The Arabian-Nubian Shield is a massive continental block formed between about 870–550 million years ago. The Shield region remains largely unexplored despite its significant mineral endowment which includes volcanogenic massive sulphide (VMS) deposits, porphyry copper-gold systems and orogenic gold, as evidenced by the presence of several major mining operations. Egypt's Sukari mine owned by Centamin hosts 11 million ounces of gold, while Barrick's Jabal Sayid project in Saudi Arabia contains a significant 30 million tonnes of copper. Perseus' Block 14 operation in Sudan hosts 3M ounces of gold, while Eritrea's Bisha mine mineral resources comprise an impressive 2.85Mt of contained zinc at 3.87% and 760Kt of contained copper at a grade of 1.03%. Bisha is owned by very active Chinese firm Zijin Mining (55%) who can earn up to 60%, with Eritrean National Mining Corporation (ENAMCO) holding the remaining 45%. It is the largest producing zinc project in Eritrea. Ethiopia also hosts multiple significant deposits, including Allied's Kurmuk project with 3.4M ounces at 1.6g/t gold; Kefi's Tulu Kapi deposit with 1.7M ounces of gold at 2.6g/t gold and Midroc's Lega Dembi mine with 2.5M ounces of gold. The Arabian-Nubian Shield is richly endowed with several mineralisation types whose styles are a function of its geological and structural arc-accretion history. VMS deposits such as the Bisha-Hambok cluster in Eritrea and Hassai next door in Sudan, are arc-related, while porphyry copper-gold systems like Jebel Ohier in Sudan are associated with post-collision intrusions. Orogenic gold mineralisation also occurs in shear-zone-hosted quartz veins which include Ethiopia's Adola Belt and Egypt's Sukari deposit. 'The Adola Greenstone Belt, part of the prolific Arabian-Nubian Shield, represents one of the last mineral rich frontier belts offering significant exploration upside with multi-million-ounce potential. This acquisition positions Askari with a significant first mover advantage within this prolific gold-copper region. These assets are strategically located along strike of large-scale multi-million-ounce gold mines including the globally significant Sakaro and Lega Dembi deposits. The discovery potential of these projects is exceptionally high, and we are excited by the opportunity that is on offer.' Askari Metals Executive Director Gino D'Anna The Adola belt is a significant geological domain in its own right and has an extensive history of gold production including significant placer gold output, with historical estimates suggesting about 55 tonnes of gold were recovered by artisanal miners. Askari's five new projects comprise Sakaro, Sakaro West, Lega Dembi South, Megado and Wayu Boda, disposed along a highly-prospective trend of multi-million-ounce gold deposits including some close to Ethiopia's only modern gold mines at Sakaro and Lega Dembi, with the latter producing more than 3 million ounces to date. Artisanal miners made the initial discoveries of the Lega Dembi and Sakaro deposits in 1975, leading to their eventual commercial development, with Lega Dembi launching gold production in 1994, yielding about 2.47M ounces of gold, while Sakaro has contributed another 0.63M ounces of gold. Both of those deposits are classified as primary epithermal gold systems, indicative of the region's significant potential for structurally controlled, high-grade mineralisation. In December 2011, National Mining Corporation, an Ethiopian private company, announced its discovery of an estimated resource of 17.7M ounces of gold at the Dawa-Okote project, further underlining the gold potential of the region. The Megado project lies in the heart of the mineralised corridor midway between the Sakaro and Lega Dembi mines 24km to its north and the 17.7 million-ounce Dawa Okote gold deposit about 34km south of Megado. Gold mineralisation is typically hosted by quartz veins which cross-cut the metavolcanic and metasedimentary units and which are rich in sulphides that include chalcopyrite and sphalerite. Potentially economic gold mineralisation in the north-south trending Adola Greenstone Belt is principally concentrated along the north-south Lega Dembi shear zone, an extensive tectonic contact between quartzo-feldspathic gneisses and greenstone sequences. Gold can also be found in quartz veins and in mylonitic foliations, often associated with steeply plunging lineations which indicate strong structural controls. The placer gold deposits in the area form from weathering of the primary gold rich quartzitic horizons and may constitute secondary shallow gold resources in modern and ancient buried or exhumed channels. Historic regional exploration by Alecto Minerals near the Wayu Boda project includes rock chip samples assaying up to 47g/t gold, along with trench sample results of 14m going 0.4g/t gold, including 3.6m assaying 1.5g/t gold, 1.3m at 4.9g/t gold and 2m running 1.1g/t gold. Askari recently received firm commitments to raise $750,000 from existing and new sophisticated investors and directors at an issue price of A$0.008 per share. CPS Capital acted as Lead Manager to the Placement, with the funding to go towards continued exploration and development of the company's Uis tin-tantalum project in Namibia. Askari's latest acquisition of the five Adola Greenstone Belt gold projects provides a first-mover advantage for Askari to launch and build a potentially tier-1 gold portfolio in Ethiopia, with completion of the placement providing sufficient working capital for its ongoing operational activities. Askari is still on the hunt for additional strategic acquisitions that complement the company's existing portfolio along the Adola Greenstone Belt and within Ethiopia generally on a more regional scale. It is already undertaking due diligence on several advanced gold projects. One thing seems certain however – this is elephant country and it is hard to find small discoveries. Is your ASX-listed company doing something interesting? Contact:
