CAIRO: A consignment of 296 kilograms of raw gold extracted from Sukari mine southeast of Egypt was shipped to Canada from Cairo Airport, Youm7 reported Monday.
The Egyptian gold will be processed at gold refinery Johnson Matthey in Canada then sold at global stock markets; its price will be shared between Egypt and gold mining company Centamin PLC, which has listings in London and Toronto, Canada.
The consignment was flown from Marsa Alam in a Canadian Alkan Air private jet with five Centamin personnel, then the 16 parcels were unloaded into an armored vehicle that belongs to Egyptian funds transport company Amanco.
The shipment was approved by the Egyptian Mineral Resource Authority (EMRA) and the Egyptian Organization for Standardization and Quality.
Sukar mine, the largest gold mine in Egypt, produced 377,261 ounces of gold in 2014, according to Centamin’s website. Its life-of-mine is estimated at about 20 years.
Centamin, identified in Egypt’s license as Pharaoh Gold Mines (PGM,) owns 50 percent of the operating company and the EMRA owns the rest. According to the license, briefed on Centamin’s website, profits are shared equally between the partners after exploration expenses are recovered by PGM.
Production at Sukari mine began in 2009, and per the agreement, PGM does not pay taxes for 15 years.