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Sukari Goldmine Boosts Egypt’s Economy with $130 Million in 2023 Production

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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.

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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.

 

Source: Zawya

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