The company, which operates the only commercially producing gold mine in Egypt, said production reached 107,549 ounces during the three months ending on December 31.
11 mining companies won a gold ore exploration bid on an area of about 170 km2 in the Eastern Desert and the Red Sea.
The company said in a statement Tuesday, that it achieved a pre-tax profit of $ 191.14 million, compared to $ 59.62 million in the first half of 2019.
General Manager of Centamin Egypt Youssef al-Raghy told Egypt Today that the size of target production of Sokary Gold Mine in 2020 is 510,000 -540,000 ounces.
The company clarified that profit share distribution to Egypt recorded $87.1 million and royalty payments hit $19.7 million.
The company’s output totalled 116,183 ounces of gold for the three months ended March 31, above its forecast range of 105,000 to 115,000 ounces.
The production from the mine hiked during the fourth quarter of 2018 by 17 percent to 137,600 ouances, compared to 117,720 ounces in the third quarter of the same year.
Shares of the Egypt-focused company climbed 4 percent in morning trading on the London Stock Exchange.
The company will keep the gold production in 2018 at levels between 505,000 and 515,000 ounces.
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.
Gold production at Sukari mine decreased 19 percent in a quarter-on-quarter basis.
A wrap-up of the most prominent business news of the day.
The Egyptian Mineral Resource Authority (EMRA) has received around $14.4 million in revenues from the Sukari gold mine in January 2018.
Centamin posted a 13% fall in core profit in 2017 Wednesday as gold production fell and costs rose but the miner declared a final dividend that beat consensus.
The mine’s gold reserves rose to eight million ounces, after production increased by one million ounces in the period between June 2015 to June 2017.
A wrap-up of the most prominent business news of the day
Profits of the Egyptian Mineral Resource Authority (EMRA) from Sukari gold mine are expected to reach some $115 million in 2018.
The gold quantities came from Marsa Alam in 22 boxes and left the airport on Gulf Air.
Sukari mine produced a total of 95.3 tons of gold since it started operations in January 2010, with an average monthly production of 1.2-1.5 tons of gold.
Around $100 million of the yields are the mine's profits since the beginning of the profit distribution between the company and the Egyptian Mineral Resources Authority (EMRA).