Cairo – Mubasher: The Egyptian Mineral Resources Authority (EMRA), a subsidiary of the country’s Ministry of Petroleum, has received about $10 million as a payment out of profits of the Sukari Gold Mine in, Centamin’s chairman Josef El-Raghy said.
Average instalments from the mine to EMRA ranged between $2 million and $2.5 million per week, El-Raghy told Youm7 newspaper, noting that this figure has increased over the past few days on the back of a rise in global gold prices to $1,245 per ounce.
With operations in Egypt, Burkina Faso, and Cote D’Ivoire, Centamine is the Sukari flagship gold mine.
The Sukari Gold Mines company aims to produce about 500,000 ounces in 2017, up from 470,000 ounces in 2016.
EMRA has so far received around $161 million from the Sukari Mine, of which about $68.7 million are under the settlement, and about $92.3 million are in the royalty payments as at the end of December 2016, official data showed.
Centamin’s has also reported that the Sukari Gold Mine’s exports represent about 2% of Egypt’s export balance.
