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$331m Sukari mine revenues until July - Daily News Egypt

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$331m Sukari mine revenues until July

Centamin pays $122m mining royalties to EMRA

The Ministry of Petroleum and Mineral Resources received about $331m in royalties, and profit shares from the Australian company Centamin, which is engaged in the production of gold from the Sukari mine.

Egypt had received about $122m in royalties from the Sukari gold mine since 2010 until the end of July, which was paid to the Egyptian mineral resources authority (EMRA), a source within the ministry told Daily News Egypt.

He added that about $209m had been collected from Centamin since the start of the production in the Sukari gold mine in March 2013 until the end of July.

The source pointed out that the temporary decrease in the mine’s production during the last month was the result of the failure of three excavators working in the concession area, which have been repaired, and the production rates have returned to their normal levels.

The gold production during the third quarter (Q3) of this year increased by about 27%, compared to the Q2 of 2018.

According to the company’s financial results during Q3 of 2018, during the months of July, August and September, the production of the mine reached about 117720 oz of gold, while production during Q2, the months of April, May and June to about 92803 oz.

In May, the company reduced its target production volume in 2018 to between 505,000 ounces and 515,000 oz, compared to 580,000 oz targeted previously, due to the low quality of the mine’s gold ore.

Sukari exports account for about 2% of Egypt’s export balance, according to official data from Centamin.

Two gold companies are currently operating in Egypt, Centamin in Sukari, and Cypriot Matz Holdings, which operates in the Hamash mine, as well as two gold exploration and mining companies, Canada’s Aton Resources and the UAE’s Thani Dubai Mining.

Topics: Gold Sukari mine

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