During an inspection tour of the Sukari gold mine, Minister of Petroleum and Mineral Resources Tarek El Molla stated that the mine produced 5.2 million ounces since production began until the end of last February, with estimated revenues of 7.5 billion dollars.
He elaborated that the mine is expected to achieve more in light of the investments and intensive exploration activities. Meanwhile, the start of commercial production of gold from the site Iqat in southern Egypt indicates that mining investment in Egypt is on the right track towards maximizing the returns of mineral wealth for the benefit of the Egyptian economy, the ministry’s statement said.
With the entrance of international mining companies through bids, El Molla explained that the growth of research and exploration in Egypt’s mining industry has been further enriched with high quality expertise and technologies. This opens the door for future economically beneficial discoveries and better exploitation of mineral wealth.
El Molla added that the growth of research and exploration activities provides job opportunities in light of the activity’s need for assistance services and labor intensively.
During El Molla’s visit, an explanation was given about the work in the Sukari mine, pointing out that it achieved a surplus of an estimated 2 million ounces to the mineral reserves. It added that the life of the underground mine has been extended from three to nine years by adding about half a million ounces to its reserves.
An additional explanation that took place during the Minister’s tour indicated modern technologies for geophysical exploration were used for the first time in Egypt, representing a landmark accomplishment for the sector. This was achieved in cooperation with the Air Petroleum Services Company and supported by the Ministry of Petroleum and Mineral Resources. The mine is expected to produce between 450,000 to 480,000 ounces during the current year.
The minister was briefed on the mine’s health, safety, and environmental (HSE) performance and efforts to ensure applying best practices are well integrated within the working culture among employees. He was also briefed on the commitment of the mine’s managerial team to contributing to sustainability and social responsibility efforts. This is in addition to their recognition of the role of onsite female employees, given the presence of 25 women on the mine operation force.
El Molla praised the achievements at the mine and the empowerment of women in the mining sector. He pointed out that women’s willingness and involvement in the industry’s work demonstrates progress in the culture, convictions, and development achieved by the sector.