ICEC

Egypt gets $48.3 mln from Sukari gold mine in H1

The Egyptian Public Treasury Authority has received nearly $48.3 million from the Sukari gold mine during the first half of 2018.

Egypt earned around $9 million as a royalty payment from the mine, in addition to $39.3 million in profits the Egyptian Mineral Resources General Authority obtained during the six-month period ended June, according to a statement by Centamin plc.

Centamin posted a two percent increase in revenues to reach $296.4 million in the first half of the year, despite a seven year year-on-year fall in gold production from its Egypt flagship Sukari mine to record 217,100 ounces.

The Jersey-based company is expecting a leap in production in the second half of the current year on the back of recovered mining activities.

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