Egypt rakes in $130mln from 2023 Sukari Goldmine production

Egypt rakes in $130mln from 2023 Sukari Goldmine production

The Egyptian government’s share of the Sukari Goldmine (SGM) production has surpassed $130 million in 2023, Amr Hassouna, Centamin PLC’s Country Manager, told Al Arabiya Business. Hassouna mentioned that the government’s share of the SGM production made up 50% of the profits achieved and 3% of total revenues. Moreover, he expected gold prices to continue rising above the $2,000-level per ounce this year. On January 18th, Centamin announced that production from Egypt’s SGM hit 450,058 ounces in 2023, compared to 440,974 ounces in 2022. The company achieved a revenue of $892 million in 2023 from the sale of 456,625 ounces of gold at an average realized gold price of $1,948 per ounce. As for 2024 guidance, Centamin targets gold production of 470,000 to 500,000 ounces per annum.   Copyright © 2022 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info). Egypt rakes in $130mln from 2023 Sukari Goldmine production