Sukari mine’s production of gold reaches 106.7 tons: Centamin

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Sat, 12 May 2018 - 10:39 GMT

Several one-kilo gold bars are displayed inside a secured vault in Dubai April 20, 2006 - Reuters

Several one-kilo gold bars are displayed inside a secured vault in Dubai April 20, 2006 - Reuters

CAIRO -12 May 2018: Production from Egypt’s Sukari Gold Mine has reached 106.7 tons of gold since the mine started production in 2010 and until April 2018, General Manager of Centamin Egypt and Managing Director of Sukari Gold Mining Company Youssef el-Raghy said.

April’s production amounted to 1.2 tons, he said.

Raghy added that his company targets producing some 560,000 ounces in 2018, up from 550,000 in 2017.

Exports of Sukari Gold Mine represent two percent of the Egyptian exports balance, according to Centamin.

Petroleum Minister Tarek el-Molla said in late December that the Sukari Gold Mine has contributed a total of $250 million in revenues to the government since it started production in early 2010.

The government said that it aims to increase the mining sector's contribution to the GDP to more than five percent. It currently contributes around 0.5 percent of the GDP.

Molla said that the government is working to identify the challenges facing the sector and that his ministry aims to boost investments by amending the sector's administrative and legislative systems.

Located in the south-easternmost region of the Eastern Desert, Sukari mine is the first large-scale modern gold mine in Egypt, with a base case production rate of about 500,000 ounces per annum, according to the official website of Centamin.

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