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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
Going part-time could leave a £58,000 hole in your pension: how to plug the gapThere are many reasons for switching to part-time work, but some savers don’t consider the impact on their pension until it is too late
-
Three bargain investment trusts to add to your portfolioThese three investment trusts are bargains compared to their net asset value (NAV), but one fund analyst thinks the deep discounts are unwarranted.
