Egypt Profits from Al Sukari to Reach EGP 5.8 B

Egypt Profits from Al Sukari to Reach EGP 5.8 B

The General Manager of Centamin Egypt company, Youssef El Raghy, disclosed that the Egyptian government’s total profits form Al Sukari gold mine is about to reach EGP 5.8 billion since it has officially been a stakeholder until now, Al Mal reported.

He added that the company is targeting to produce 540,000 ounces of gold form this project along the current year, whereas the total production has reached to 140 tons since 2010 until now, noting that a ton is equivalent to 32,000 ounces.

Raghy stated that the company had paid total royalty fees of $150 million from Al Sukari project to the treasury as well as taxes of $48.2 million.

He confirmed the constancy of gold exports to Canada to be purified and sold in the markets, pointing out that the central bank purchases 60 to 70 kilograms of Al Sukari’s monthly production with a cost of EGP 50 million.

The general manger said that Al Sukari’s production is not affected by the coronavirus, adding that the company had applied an integrated protection program to keep its employees safe.



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