Egypt's sales of gold, silver in 8 years worth $5.3B



Thu, 22 Dec 2022 - 01:41 GMT


Thu, 22 Dec 2022 - 01:41 GMT

CAIRO – 22 December 2022: The Ministry of Petroleum and Mineral Resources revealed Thursday that the sales of gold and silver recorded $5.3 billion between 2014 and 2022.


The Australian company Centamin, which is operating the Sukari gold mine in Egypt, said that there has been an increase in the Sukari gold mine reserves by about 1.3 million ounces, which represents the largest increase in the reserves in 10 years.


The company added, in a statement published on its website, that the growth of the mine reserves represents an increase of 13 percent in proven and probable the mine reserves, to reach 11.11 million ounces at the end of June 2022, compared to 9.81 million ounces at the end of June 2021.


The company said that since the start of production in 2009, the Sukari mine has produced more than 5 million ounces of gold, and today the expected life of the mine is 14 years.


It is targeting an ambitious drilling program during the year 2023 for drilling areas of 280,000 meters underground in the Sukari concession area in Egypt, according to the statement.


The company said in the statement in 2021 that it had set a clear roadmap for producing more than 500,000 ounces annually from the Sukari gold mine over the next decade.


The company revealed that the reserves of the Sukari gold mine in Egypt had increased by two million ounces during the last two years.


Centamin is a well-established gold-producing company, listed on the London and Toronto Stock Exchanges. The Sukari gold mine is one of the company’s main assets, which is the largest and first modern gold mine in Egypt, and one of the largest producing mines in the world.



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