Sukari gold mine yields to Egypt amount to $200M by August

CAIRO – 18 August 2017: Egypt received $200 million from Sukari gold mine since the mine started operating and until the beginning of August, Centamin Egypt General Manager Yousef Al-Rajhi said Friday.

Around $100 million of the yields are the mine's profits since the beginning of the profit distribution between the company and the Egyptian Mineral Resources Authority (EMRA), affiliated to the Ministry of Petroleum in October and until now, Rajhi told Egypt Today, adding that the remained $100 million is a royalty to the beginning of July.

Rajhi highlighted that EMRA has received around $10 million over three installments during July, while a fourth one worth $1.5 million was paid in August.

Total output of the mine amounted to 90 tons since the beginning of the production in the mine in 2010 and until the end of June, the managing director said.

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.