West African-based drilling company Geodrill has received a drilling contract from gold mining company Centamin for the Sukari gold mine in Egypt.
Under the five-year contract, Geodrill will undertake at least 90,000m of underground drilling a year. This work will be carried out using five drill rigs.
Geodrill president and CEO Dave Harper said: “That Geodrill was awarded this contract is a testament to our operational performance, reputation for excellence and is in line with our strategy of focusing on long-term contracts with top-tier customers in new geographic regions driving future growth of our business.
“Not only does our business with Centamin complement our existing work, but it will also help us counter cyclical industry downturns while at the same time delivering a significant, stable base of long-term revenue over the next 5 years.”
Geodrill expects the order to generate more than $54m in revenues during the contract term while extending its operational footprint into a new geographical region.
The Sukari is an open-pit and high-grade underground gold mine in Egypt.
Besides being the flagship asset, Centamin claims Sukari to be the country’s largest and ‘first modern’ gold mine.
With a mine life of 12 years, the Sukari mine started production in 2009 and has since produced around five million ounces of gold.
Centamin is also advancing the Doropo project in Côte d’Ivoire, as well as the highly prospective exploration area of more than 3,000km² in Arabian Nubian Shield, Egypt.