Centamin, the company that owns and operates the Sukari Gold mine, has announced that it will sell 31.219 ounces of gold to the Egyptian Central Bank in 2021 instead of 16.300 ounces in 2020.
The price of the gold Egypt purchased rose from $ 29.4 million to $ 56.2 million, according to the news report. More than five million ounces of gold have been extracted from the famed mine.
It is expected to have a gold reserve of more than a decade.
According to Centamin’s board of directors, the company is working to diversify its sources by adding 3000 kilometres in the southern Eastern Desert and spending three million dollars on mining in 2012, and between six and seven million dollars on mining projects by 2023.
Cairo office head Yousef El Raghy will retire in April and be replaced by Amr Hassouna, who will start in April.
A further 52 percent drop in Egyptian shares in the Soukari gold mine was reported last year.
Last but not least, Centamin stated in its statement that Egypt’s shares were expected to be worth $ 97 million in 2021, instead of $200 million in 2020.
The Egyptian government receives $ 75.2 million, while taxes and royalty payments total $ 21.7 million.
Beginning in 2020, Egypt will receive half of the mine’s earnings under the terms of an agreement reached between the company and the government.