229KG of Sukari gold to be shipped to Canada
YOUM7 (Archive)

CAIRO: A total of 12 parcels of raw gold extracted from the Sukari mine were accompanied with tight security measures at Cairo Airport Tuesday to be shipped to Canada, Youm7 reported.

The consignment, which arrived on a private jet from Marsa Alam on the Red Sea, weighed 229 kilograms.

The Sukari mine in southeast of Egypt is the largest gold mine in the country. Per Egypt’s contract with gold mining company Centamin PLC, which has listings in the stock markets of London and Toronto, Canada, the gold is processed at gold refinery Johnson Matthey then sold on global stock markets.

The shipment was approved by the Egyptian Mineral Resource Authority (EMRA) and the Egyptian Organization for Standardization and Quality.

Sukari 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 will not pay taxes for 15 years.

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