Capital has been awarded a letter of intent related to a five-year extension to its open-pit drilling services contract at Centamin’s Sukari gold mine in Egypt, with the contractor potentially extending its work there through to the end of 2029.

Subject to conclusion of the definitive drilling services agreement, which will include both blasthole and grade control drilling, the contract will mean Capital has been on site for 25 years when concluding its services. The contract would begin on January 1, 2025.

Back in 2020, Capital entered a conditional open-pit waste mining services contract with Sukari Gold Mines and expanded and extended its existing drilling contract with Sukari, effective January 1, 2021. Collectively, these contracts were anticipated to deliver incremental revenues of $235-260 million over a four-year period, representing the largest award of new business in the company’s history.

In the company’s Q4 2023 trading update released today, Capital noted that the Sukari gold mine waste mining contract saw consistent operations through the three-month period.