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London-listed Centamin reports higher gold reserves in Egypt

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Around 109 tons of gold was discovered in Sogut district at an estimated value of $6.38bn

London and Toronto-listed Centamin reported an increase in its Sukari gold mine reserves in Egypt by about 1.3 million ounces, representing the largest increase in the reserves in a decade.

The growth represents an increase of 13 percent in proven and probable mine reserves, reaching 11.11 million ounces at the end of June 2022, compared to 9.81 million ounces at the end of June 2021, the company said in a statement.

Since the start of production in 2009, the Sukari mine has produced more than five million ounces of gold and has an expected life of 14 years.

The gold mining company targets an ambitious drilling program in 2023 with plans to drill 280,000 meters underground in the Sukari concession area.

In a statement in 2021, the company set a clear roadmap for producing more than 500,000 ounces annually from the Sukari gold mine over the next decade, Egypt Today newspaper reported.

Centamin said Sukari gold mine reserves have increased by two million ounces in the last two years.

The Sukari gold mine is one of the company’s main assets, which is the largest gold mine in Egypt, and one of the largest producing mines in the world, the statement said.

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