27 March
2024
Centamin plc
("Centamin", "Group" or "the
Company")
LSE: CEY / TSX: CEE
2023 Annual report and
Sustainability report
for the twelve months ended 31
December 2023
Centamin announces the publication
of its 2023 sustainability report in conjunction with the
publication of the 2023 annual report. The reports are available on
the Company's website www.centamin.com/investors/results-reports/
. The Annual General
Meeting will be on 21 May 2024, hosted in Jersey. The notice of AGM
will be posted to shareholders on 9 April 2024 and associated
documents filed at that time.
Centamin's sustainability report
sets out the Company's framework for integrating sustainability
into its business strategy and governance processes; and presents
performance against sustainability targets at both a Group and
asset-level. The sustainability priorities presented in the report
remain clear and consistent, reflecting a continued focus on the
most material topics to both Centamin and its stakeholders. These
priorities include: environmental and social governance; safety,
health and wellbeing; energy and climate; materials stewardship;
socio-economic partnership; and, people and transformation. The
report highlights the Company's achievements in each of these areas
and the positive impact arising from its investments in Egypt and
Cote d'Ivoire.
MARTIN HORGAN, CEO commented: "We are pleased to align the
publication of the 2023 annual report with the sustainability
report for the first time, integrating sustainability metrics into
our annual reporting cycle.
Our team takes pride in our responsible approach to mining,
setting the benchmark for sustainability performance and good
industry practice in Egypt. Enhancing the socio-economic
contribution to our host countries is fundamental to Centamin's
purpose. In 2023, Centamin distributed US$984 million in economic
value, from operating costs and employee wages, to capital
expenditure, as well as profit share and royalty payments. The vast
majority of this value distribution remained in Egypt, by virtue of
our partnership with the Egyptian government and our high level of
national employment and procurement.
Through 2023 we continued to deliver against our
sustainability targets with improved performance across our
priority metrics. I am proud to report significant progress on
numerous long-term programmes most notably: ISO 45001 certification
at Sukari; a marked reduction in Group Scope 1 and 2 greenhouse gas
("GHG") emissions; and an increased level of conformance of our
tailings management system to the Global Industry Standard on
Tailings Management ("GISTM").
Looking ahead to 2024, the grid connection project will
continue our recent success in delivering our near-term
decarbonisation targets, while also taking costs out of the
business. We will also continue to increase our conformance to the
GISTM, targeting full conformance during 2025."
HIGHLIGHTS
· 9.5 million hours worked at
the Sukari Gold Mine ("Sukari") with zero lost time injuries
("LTI"). The Group lost time injury
frequency rate ("LTIFR") of 0.08 was an 83% improvement on the
3-year trailing average. Total recordable injury frequency rate
("TRIFR") of 2.83, representing a 24% improvement on the 3-year
trailing average.
· Sustained zero reportable
environmental and social incidents
across the Group and zero instances of regulatory
non-compliance reported.
· A 7% reduction in Scope 1 and
2 GHG emissions compared to a 2021
base year, driven primarily by a 21.5 million litre reduction in
diesel consumption during the first full year of solar power
generation.
· Advanced development of
carbon abatement projects in support
of the 2030 Decarbonisation Roadmap (link to RNS
here), notably a
50MWAC grid connection and 15MWAC solar plant
expansion.
· Strong levels of local
content with 95% of our workforce
employed locally to the country of operation and 81% of the total
Group procurement spend is with national suppliers.
· Sustained commitment to
provide professional development opportunities that empower our employees to fulfil their
potential. For the Group, 76% of senior and middle management roles
are held by nationals; and at Sukari, 67% of employees were
assessed to have met training requirements for progression to a
higher level of competency.
· Systematic gap analysis
complete against the requirements of the GISTM
and roadmap in place to achieve full conformance
during 2025.
SUSTainability Performance Summary
|
2023
|
2022
|
% Δ
|
HEALTH, SAFETY & WELLBEING
|
|
|
|
LTIFR (1m hours worked)
|
0.08
|
0.08
|
0%
|
TRIFR (1m hours worked)
|
2.83
|
2.61
|
8%
|
Fatalities (workforce)
|
0
|
0
|
0%
|
OUR
PEOPLE
|
|
|
|
Total workforce (employees and
contractors)
|
4,902
|
5,211
|
(6%)
|
Local workforce (% of total
employed)
|
95%
|
96%
|
(1%)
|
Local leadership (% of total
leadership team)
|
76%
|
76%
|
0%
|
Workforce development (training
hours per employee)
|
42.5
|
44.3
|
(4%)
|
Female representation in the
workforce (% of total employed)
|
3.4
|
2.7
|
27%
|
SOCIAL & ECONOMIC PARTNERSHIP
|
|
|
|
Community spend (US$m)
|
0.8
|
0.6
|
35%
|
Local procurement (% of total
procurement spend) [1]
|
81%
|
77%
|
5%
|
Community incidents (recordable
category 4 & 5)
|
0
|
2
|
(100%)
|
ENVIRONMENTAL RESPONSIBILITY
|
|
|
|
Environmental incidents (recordable
category 4 & 5)
|
0
|
0
|
0%
|
Water reuse
|
38%
|
37%
|
3%
|
Scope 1 & 2 GHG emissions
(MtCO2-e)
|
0.45
|
0.50
|
(11%)
|
reporting standards
The sustainability report has been
prepared in accordance with the GRI Sustainability Reporting
Standards ("GRI") 'Core option', the GRI Mining and Metals Sector
Supplement, the requirements of the Sustainability Accounting
Standards Board ("SASB") for the metals and mining industry and the
recommendations of the Taskforce on Climate-related Financial
Disclosures ("TCFD"). The report also provides a statement of our
conformance to the Global Industry Standard on Tailings Management
("GSITM").
About
Centamin
Centamin is an established gold
producer, with premium listings on the London Stock Exchange and
Toronto Stock Exchange. The Company's flagship asset is the Sukari
Gold Mine ("Sukari"), Egypt's largest and first modern gold mine,
as well as one of the world's largest producing mines. Since
production began in 2009 Sukari has produced 5.7 million ounces of
gold, and today has a projected mine life to 2034.
Through its large portfolio of
exploration assets in Egypt and Côte d'Ivoire, Centamin is
advancing an active pipeline of future growth prospects, including
the Doropo project in Côte d'Ivoire, and over 3,000km2
of highly prospective exploration ground in Egypt's Arabian Nubian
Shield.
Centamin practices responsible
mining activities, recognising its responsibility to deliver
operational and financial performance and create lasting mutual
benefit for all stakeholders through good corporate
citizenship.
FOR
MORE INFORMATION please visit the
website www.centamin.com
or contact:
Forward-looking Statements
This announcement (including
information incorporated by reference) contains "forward-looking
statements" and "forward-looking information" under applicable
securities laws (collectively, "forward-looking statements"),
including statements with respect to future financial or operating
performance. Such statements include "future-oriented financial
information" or "financial outlook" with respect to prospective
financial performance, financial position, EBITDA, cash flows and
other financial metrics that are based on assumptions about future
economic conditions and courses of action. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "believes", "expects",
"expected", "budgeted", "forecasts" and "anticipates" and include
production outlook, operating schedules, production profiles,
expansion and expansion plans, efficiency gains, production and
cost guidance, capital expenditure outlook, exploration spend and
other mine plans. Although Centamin believes that the expectations
reflected in such forward-looking statements are reasonable,
Centamin can give no assurance that such expectations will prove to
be correct. Forward-looking statements are prospective in nature
and are not based on historical facts, but rather on current
expectations and projections of the management of Centamin about
future events and are therefore subject to known and unknown risks
and uncertainties which could cause actual results to differ
materially from the future results expressed or implied by the
forward-looking statements. In addition, there are a number of
factors that could cause actual results, performance, achievements
or developments to differ materially from those expressed or
implied by such forward-looking statements; the risks and
uncertainties associated with direct or indirect impacts of
COVID-19 or other pandemic, general business, economic,
competitive, political and social uncertainties; the results of
exploration activities and feasibility studies; assumptions in
economic evaluations which prove to be inaccurate; currency
fluctuations; changes in project parameters; future prices of gold
and other metals; possible variations of ore grade or recovery
rates; accidents, labour disputes and other risks of the mining
industry; climatic conditions; political instability; decisions and
regulatory changes enacted by governmental authorities; delays in
obtaining approvals or financing or completing development or
construction activities; and discovery of archaeological ruins.
Financial outlook and future-ordinated financial information
contained in this news release is based on assumptions about future
events, including economic conditions and proposed courses of
action, based on management's assessment of the relevant
information currently available. Readers are cautioned that any
such financial outlook or future-ordinated financial information
contained or referenced herein may not be appropriate and should
not be used for purposes other than those for which it is disclosed
herein. The Company and its management believe that the prospective
financial information has been prepared on a reasonable basis,
reflecting management's best estimates and judgments at the date
hereof, and represent, to the best of management's knowledge and
opinion, the Company's expected course of action. However, because
this information is highly subjective, it should not be relied on
as necessarily indicative of future results. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such information or
statements, particularly in light of the current economic climate
and the significant volatility, the risks and uncertainties
associated with the direct and indirect impacts of COVID-19.
Forward-looking statements contained herein are made as of the date
of this announcement and the Company disclaims any obligation to
update any forward-looking statement, whether as a result of new
information, future events or results or otherwise. Accordingly,
readers should not place undue reliance on forward-looking
statements.
LEI: 213800PDI9G7OUKLPV84
Company No: 109180