Wednesday February 28th, 2024
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Global Mining Company Centamin Will Increase Production in Sukari Mine

Egypt's gold production currently stands at around 15.8 tonnes per year, with the Sukari mine being the primary contributor.

Cairo Scene

Centamin, a leading global gold mining company, announced that they will significantly increase production at Egypt's renowned Sukari mine by 14.74%, reaching 506,000 ounces (over 15.81 tonnes) over the next nine years, ending in 2032. This expansion is projected to surpass the 440,974 ounces produced in 2022.

As the operator of Sukari, Centamin expects the mine to yield an average of 475,000 ounces per year for the remaining two years until its productivity life concludes in 2034.

“The new life of mine plan demonstrates our commitment to maximising cash flows. It not only represents a significant improvement over previously published plans but also includes lower operational risks compared to the past and achieves a notable reduction in carbon emissions,” CEO Centamin, Martin Horgan, tells CairoScene.

Since 2009, Sukari has been Egypt's first large-scale modern mine, boasting a production milestone of five million ounces of gold by 2022. With approximately 11.11 million ounces of reserves still available, the mine holds significant potential for further extraction.

Egypt's gold production currently stands at around 15.8 tonnes per year, with Sukari, located in the Eastern Desert, being the primary contributor, as reported by the World Gold Council. The country's gold exports witnessed an impressive 45% growth in 2022, reaching USD 1.633 billion compared to USD 1.126 billion the previous year, according to Egypt's General Organisation for Export and Import Control.

The Egyptian government launched new tenders for gold and precious metal exploration and exploitation in the country during the second half of 2023. The state-owned Shalateen Mineral Resources Company (SMRC) extended its bid round for gold exploration and exploitation in the Eastern Desert, with a new deadline set for November 9th.

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