Centamin provides $830mln in direct economic contributions to Egypt in 2022

Centamin provides $830mln in direct economic contributions to Egypt in 2022

Centamin Plc, the owner of the Sukari Gold Mine (SGM) in Egypt, has provided $830 million in direct economic contributions to Egypt in 2022, according to the company’s sustainability report sent to Arab Finance on May 3rd.

The contributions included about $61 million in profit share, royalties, taxes, and other payments to the Egyptian government, in addition to $59 million in employess wages and benefits.

Moreover, the company invested nearly $0.5 million in local communities to support financially vulnerable families and enhance primary and secondary schools and rehabilitation clinics.

“2022 was another year that saw ongoing investment by Centamin into Egypt. Centamin distributed US$830 million in economic value in Egypt, including through employment, training, infrastructure, investment in local communities, as well as government profit share and royalty payments,” CEO of Centamin Martin Horgan commented.

“The vast majority of this value distribution remained in Egypt, not least through our partnership with the Egyptian government but also because 96% of our workforce are Egyptian nationals and 67% of procurement spend is with Egyptian suppliers,” Horgan added.

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