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.

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.

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

Recommended

Share tips of the week – 30 September
Share tips

Share tips of the week – 30 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
30 Sep 2022
The best British tech stocks from a thriving sector
Share tips

The best British tech stocks from a thriving sector

Move over, Silicon Valley. Over the past two decades the UK has become one of the main global hubs for tech start-ups. Matthew Partridge explains why,…
29 Sep 2022
These 3 top value stocks offer
Share tips

These 3 top value stocks offer

Professional investor Adam Rackley of Cape Wrath Capital highlights three overlooked value stocks to buy.
29 Sep 2022
Three top-notch Asian stocks to buy
Share tips

Three top-notch Asian stocks to buy

Professional investors Adrian Lim and Pruksa Iamthongthong, managers of the Asia Dragon Trust, pick three of their favourite Asian stocks to buy now.
23 Sep 2022

Most Popular

What to do as the age of cheap money and overpriced equities ends
Investment strategy

What to do as the age of cheap money and overpriced equities ends

The age of cheap money, overpriced equities and negative interest rates is over. The great bond bull market is over. All this means you will be losin…
29 Sep 2022
Why everyone is over-reacting to the mini-Budget
Budget

Why everyone is over-reacting to the mini-Budget

Most analyses of the chancellor’s mini-Budget speech have failed to grasp its purpose and significance, says Max King
29 Sep 2022
Mini-Budget: will Kwasi Kwarteng’s gamble on growth work?
Budget

Mini-Budget: will Kwasi Kwarteng’s gamble on growth work?

The government has launched the biggest dash for growth in 50 years, relaunching an approach known as supply-side economics. What is the plan – and wi…
30 Sep 2022