Centamin PLC (LON:CEY, TSX:CEE) said it will start a pre-feasibility study at its Doropo project and undertake a further exploration programme at its ABC project, both in the Ivory Coast, following the completion of a review of its West African exploration portfolio.
However, the Batie West project in Burkina Faso fell short of the gold miner’s investment criteria and so Centamin will carry out a review into third-party development options.
“The Batie West Project has potential to deliver a profitable mine, but not one that would currently meet our strict investment criteria,” said chief executive Martin Horgan. “We are now initiating a review of development options for this asset.”
The review of its West African exploration portfolio, which started in the second half of 2020, was designed to evaluate the potential development prospects of the portfolio and rank each project.
Centamin’s board approved a US$14mln spend to advance the Doropo project to the pre-feasibility stage by mid-2022, while at the ABC project the board approved a further US$3mln exploration programme for the Kona and FarakoNafana permits for the period to June 2022.
“The Doropo project is very exciting and is our priority growth target outside of Egypt, showing excellent potential to become Centamin’s second mine,” said Horgan. “Our highly experienced team has proven expertise at delivering successful gold projects in West Africa and will now commence the PFS, the results of which we look forward to announcing in mid-2022.”