Egypt’s sole gold-exporting mine reports high profits

ArticleMining sector March 19, 2018 - 7:19:56 AM

For 2018, the company hopes to produce 580,000 ounces, up from an estimate of 550,000-560,000 ounces.

January profits from Egypt’s sole gold-exporting mine are making headlines in the country.

According to local media, the Sukari gold mine, which is owned in equal parts by Jersey-based Centamin (TSX:CEE) (LON:CEY) and the Egyptian Mineral Resource Authority, provided $14.4 million in revenues to the latter during the first month of 2018.

Citing Centamin’s Chairman of Mineral Exploration and Mining, Youssef el-Raghy, Egypt Today states that, in total, the Ministry of Petroleum-affiliated EMRA has obtained $260 million from the mine since the company started dividing profits with the government in October 2016...

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