Geodrill rewarded with five-year drilling contract at Centamin’s Sukari gold mine

TSX-listed mining services firm Geodrill has been awarded a five-year drilling contract by Centamin for the Sukari gold mine in Egypt, which is set to generate US$54 million in revenues for the Africa-focused drill company.

Geodrill will undertake at least 90,000 metres of underground drilling a year, using five drill rigs, at the Tier 1 gold mine located in Egypt’s Eastern Desert.

“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,” said Geodrill president and CEO Dave Harper.

“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.”

The contract win deepens Geodrill’s presence in Egypt, which is looking to grow mining’s contribution to the national GDP tenfold in the next four years.

The Sukari mine remains the country’s only operating modern gold mine, producing a total of five million ounces since 2009. Centamin is currently exploring over an area of 3,000km² in the Nubian Shield.