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CAIRO – 18 July 2017: Total production from Sukari Gold Mine increased 14 percent quarter-on-quarter to 124,641 ounces during the quarter ended June 30, 2017 from 109,100 ounces, Centamin said in a Tuesday statement said.
Total production fell 11 percent year-on-year, where it reached 140,300 ounces in the second quarter of 2016.
During the first half of 2017, the company produced around 233,700 ounces of gold, while the target for the whole year amounts to 540,000 ounces.
“We remain on course to meet our full year 2017 production guidance of 540,000 ounces at a cash operating cost of $580 per ounce and All-In Sustaining Cost (AISC) of $790 per ounce,” Andrew Pardey, CEO of Centamin, said.
The global price of gold reaches 1,230.43 per ounce.
The gold reserve of Sukari Mine is estimated at 15.5 million ounces, which makes it the biggest gold mine in the world.
Earlier this month, four companies, including two foreign ones, have won Egypt's gold mining exploration tender for five concessions in the Eastern Desert and the Sinai Peninsula.
Britain's Veritas Mining Limited, Ghassan Spain Investment, and Egypt's East Gas Company won a concession each, while Resolute Egypt won two.
Centamin, the operator of the country's only commercial gold mine, has previously said that the terms were not competitive enough to take part in the bidding.
Egypt is hoping that gold production can be a future source of growth for its struggling economy. It began accepting bids in January for five concessions in its first tender for new gold exploration since 2009. The deadline for bids was April 20 and the result was due in May.
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