CAIRO: The Al-Sukari gold mine is expected to produce 500,000 gold ounces in 2015, representing a 25 percent year on year increase from 377,000 ounces, the mine’s Chairman Ali Barakat announced Thursday.
“The production during first quarter of 2015 achieved the targeted rates,” Barakat told Youm7.
Earlier this year, Barakat said the gold production during 2014 increased by six percent compared to 2013.
He added that the production surged in the fourth quarter of 2014, with a total of 128,115 gold ounces; an increase by 40 percent compared to the same period the year.
Located in Egypt’s Red Sea city of Marsa Alam, the mine is operated by Centamin-Egypt; a joint venture between the Egyptian Mineral Resources Authority and an Australian gold mining company.
Centamin-Egypt plans to achieve an 11 percent year on year increase in 2015, Barakat said, adding that the company seeks to reduce the cost of production to $700 per ounce.
The total production of the Sukari gold mine since its opening in 2010 has reached 38 tons, of which 360 kilograms were produced last month, head of the Egyptian Mineral Resources Authority (EMRA) Omar Teama told al-Ahram in July 2014.
Investments at the Sukari mine are estimated at $1.4 billion with gold sales worth $1.5 billion.