Centamin appoints new CEO

The Sukari gold mine, 700 km from Cairo, is the only operating gold mine in Egypt. (Image courtesy of Centamin.)

Egypt-focused gold miner Centamin (LON:CEY) (TSX:CEE) has appointed Martin Horgan, the co-founder of Toro Gold, which was acquired by Resolute Mining (ASX: RSG) last year, as its new chief executive officer.

The company, which has been without a full time boss since the resignation of Andrew Pardey in October, said the hire was the result of an intensive international search process. 

Horgan brings more than 10 years of experience in the gold industry and the African market in particular. He will face the challenge of improving the performance of the company’s Sukari mine, Egypt’s largest gold operation, which has disappointed investors in the past two years.

He will succeed interim CEO, Ross Jerrard, allowing Jerrard to focus on his role and responsibilities as chief financial officer.

Martin Horgan, co-founder of a gold company acquired by Resolute Mining last year, is taking the post

The new CEO will also have to deal with the aftermath of covid-19, which has forced miners around the world to halt operations and revise production targets.

Centerra, which rejected a takeover approach by Canada’s Endeavour Mining (TSX:EDV) at the beginning of the year, recently postponed publication of its 2019 results “for a minimum of two weeks”, following a request issued on March 21 by the UK’s Financial Conduct Authority (FCA).

Sukari, which began operations in January 2010, comprises a large open pit and an underground mine. The company spent most of 2018 on operational improvements on both sections, but they took longer than planned to materialize.

As a result, Sukari churned out 472,418 ounces of gold in 2018, down from 544,658 ounces in 2017, and Centamin struggled to boost production at its flagship mine last year.

Challenges prompted changes at the top, including removing then executive chairman Josef El-Raghy from the position and the appointed three independent non-executive directors.

Centamin’s board now consists of eight members, with two executive and six-non-executives. Of the non-executives, five are independent.

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