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Sunday, 2 February 2020

Centamin to invest USD 190 mn in its Sukari Gold mine facility in 2020

INVESTMENT WATCH- Centamin to invest USD 190 mn in Sukari gold mine this year: Egypt-focused Centamin plans to invest USD 190 mn this year into its Sukari gold mine in the Eastern Desert, according to the company’s earnings report. The London-listed gold miner, which last month rejected a takeover bid by Canadian firm Endeavour, will spend USD 95 mn on revamping the site, USD 45 mn on a new waste management facility, and USD 50 mn on a 30 MW solar facility.

Background: News of the investment comes after Endeavour’s attempted takeover of Centamin failed last month. The Canadian company decided not to renew its failed USD 1.9 bn takeover offer for Centamin, citing a loss of confidence in Centamin’s evaluation and performance. Centamin said Endeavour’s proposal for takeover was inaccurate in its assessment of the company’s prospects and valuation. The deadline for an offer has since passed and Endeavour must wait another 6 months to renew its acquisition bid.

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