Centamin targets 40 per cent rise in gold production at Sukari Mine

Egypt-focused gold mining company Centamin has unveiled predictions for gold production at its flagship Sukari Gold Mine during an on-site presentation to analysts on Thursday.

It forecast 367,187 ounces of gold would be produced at the site in 2013, 39.6% more than the 262,958 ounces mined in 2012.

The company, which faced a setback in 2012 when production was temporarily suspended at the mine, forecasted three years' of consistent and significant growth.

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Pointing to significant potential for further reserve growth, the company stated that there were "numerous indications of high grade zones awaiting drilling as development improved access".

It added that the area underground at the Sukari site offered the potential to ultimately exceed 500,000 ounces of gold per annum.

In 2014, it is targeting 431,366 ounces. In 2015, 2016 and 2017 it is targeting 445,101 ounces, 502,086 ounces and 458,526 ounces of gold respectively.

MF