Gold Output From Egyptian Gold Mine Beats Forecast

SEATTLE (Scrap Monster): Centamin Plc. announced its willingness to participate in the ongoing auctions in Egypt. The rising gold prices coupled with the country’s new drive to attract foreign mining investment have prompted the company to explore investment opportunities in the country.

Martin Hogan, chief executive, Centamin, acknowledged that there could be tough competition when it comes to striking a deal, as string of gold miners are seen interested in the country’s mineral assets. Until early-2020, it was the only international mining company to possess a mining license in the country. However, Canadian Aton Resources had recently secured a mining permit.

ALSO READ: Centamin's Gold Production Totalled 481K Oz in FY 2019

The auctioning of exploration concessions in the Eastern Desert is currently under progress, the deadline of which has been extended to mid-September.

The company’s Sukari gold mine produced 130,994 ounces of gold in the March-June period, exceeding the previous forecast, mainly on account of higher mill feed grades. The mine production totalled 256,084 ounces for the initial six months of 2020.

The company has narrowed its expected production guidance to between 510,000 and 525,000 ounces of gold, down from the previously guided range of 510,000 to 540,000 ounces. The reduced guidance range is mainly due to minor delays in the supply chain. The pandemic has not significantly impacted its operations, the company press release said.