Gold miner Centamin pays about $195 mln to Egypt

Gold production hits 1.2 tonnes in April

Centamin, operator of Egypt’s only commercial gold mine, says it paid about $195.1 million in profit-sharing with the government during the period from October 2016 until April 2018.

Gold production at Sukari mine recorded 106.7 tonnes of gold from Sukari at the end of April since 2010, Youssef El-Raghy, General Manager of the Egyptian Operations, told Amwal Al Ghad.

Raghy clarified that Sukari mine’s total production in April reached 1.2 tonnes.

The company’s profit-sharing arrangement with the Egyptian government for its Sukari mine began in the third quarter of 2016.

Two companies are operating in Egypt to produce gold the Australian Pharaonic Company (Centamin) that operates in the Sukari mine and Cyprus-based Mats Holdings, which operates in the Hamsh mine.

For exploration and drilling for gold, other two gold companies are operating in the North African country; Canadian Aton Mining and UAE’s Thani Dubai.

Egyptian Petroleum Minister Tarek el-Molla said in late December that the Sukari mine had contributed a total of $250 million in revenues to the government since the start of production in 2010.