Centamin Says To Pump $150 Mln For Sukari ‘s Stage 4
Centamin Plc (CEY) said it plans to inject fresh investments worth $150 million during the course of 2013 targeting making expansions on the Sukari Gold Mine’s Stage 4 named ‘The Pharaoh’.
It is worth noting that Centamin’s investments in Sukari Gold Mine totaled around $ one billion since inception till now.
Centamin noted that it will start the construction work of Stage 4 by H1/2013.
Centamin targets doubling its gold production to 500 thousand ounce a year.
Centamin will start Sukari’s profit distribution by the beginning of the H2/2013; Egyptian Mineral Resource Authority (EMRA) would receive around $50 million. EMRA shall receive starting from the coming year (2014) around $200 million.
Centamin said the Egyptian government shall obtain $4 billion, representing 50% of Sukari’s total profits all over 20 years, in addition to $450 million in form of a royalty, representing 3% of the total profits without the need for making any additional investments.
It is worth noting that the current reserve of Sukari Gold Mine amounts to around 15.5 million ounces which makes it one of the biggest mines globally ranked 22nd.
Centamin has recently established a power station with a capacity of 50 MW so as to support its expansion projects.
