Al Raghey: Al Sukari Mine bolsters Egyptian Economy with $527.2 mln

Geologist Sami Al Raghy, Board’s Director of Centamin Egypt which has prerogative of drawing gold from Al Sukari Mine, said that the company’s revenue last February reached $527.2  million; as this sum is in two different banks, Commercial International Bank (CIB) and HSBC.

In his interview with “Amwal Al Ghad”, he said that these revenues are divided on two banks; $ 375.9 million transmitted to CIB, but $151.5 million transmitted to HSBC.

He elaborated that these sums has been registered in Central Bank of Egypt before depositing in the company’s accounts.

He added that these sums are the value of selling 360.730 ounce of gold, 31.101 ounce of silver. The total of ounces reached 391831 which equivalent to 12.6 tons. He said that the value of purification, shipping, transport and insuring the exported gold cargos fees reached $ 915.683.

Al Raghey divided the value of direct payment to the state treasury, as mineral resources authority got EGP 142.8.  The sum EGP 85 million was 3% excise duty levied on gold and silver in 2011-2012. The total revenue which reached $471.2 million was deposited in CBE; while EGP 43 million were paid to the Egyptian Tax Authority about salaries’ tax and EGP 8 million about discount and add tax . Moreover EGP8 million paid to the General Authority for Social Insurance.