Sukari gold mine production exceeds 440K ounces in 2022

CAIRO - 19 January 2023: Production of the sukari gold mine increased by 6 percent to 440,974 ounces in 2022, compared to 415,370 ounces in 2021, according to Centamin Company.

The gold mine recorded revenues of $788.4 million during 2022, compared to about $733.3 million in 2021, the company noted. 

The Australian Centamin company stated, Thursday, that the mine's production during the fourth quarter of 2022 reached 109,564 ounces, compared to 107,549 ounces in the fourth quarter of 2021. 

The company expects an increase in gold production to approximately 450 to 480 thousand ounces during  2023.

Meanwhile, the gold mining company requested on Monday the dismissal of a 2011 lawsuit over its Sukari mine concession after the Egyptian Supreme Constitutional Court (SCC) ruled last week to uphold a law that bars third-party lawsuits against state-investor contracts.

The court last week upheld the constitutionality of the Appeals against State Contracts Act, a 2014 bill that prevents third-parties from mounting legal challenges against contracts signed between the government and investors. 

The Administrative Court had asked the Supreme Constitutional Court to rule on the constitutionality of the act as part of a years-old case brought by employees of the Nubaria Seed Production Company (NUBASEED) against the government’s decision to privatize the company. The court’s decision means the 2014 bill will now apply to all active and future cases.