326 kg of Sukari raw gold shipped to Canada for processing, sale
Sukar Mine - Youm7 Archive

CAIRO: A total of 326 kilograms of raw gold extracted from Egypt’s Sukari mine were accompanied with tight security measures at Cairo Airport Tuesday evening to be shipped to Canada, Youm7 reported.

The consignment, which arrived on a private Alkan Air jet from Marsa Alam on the Red Sea, contained 19 parcels of the gold loaded onto an armored vehicle from Amanco Security Company.

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

The Sukari mine in the 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 the Johnson Matthey gold refinery then sold on global stock markets.

Sukari produced 117,644 ounces of gold in 2015, marking an increase of 16 percent from 2014.

The production of 2016 is anticipated to be 470,000 gold ounces. 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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