Egypt’s profits from the Sukari gold mine doubled over the past year due to the increase in the company’s profits after the big jump in global gold prices.
The results of Centamin’s business today, Monday, showed that Egypt will receive $ 174.2 million in profits from the Sukari mine in 2020, compared to $ 87.1 million in 2019.
Centamin said that since last July 1, the profit distribution equation between Egypt and Centamin has changed to become equal between them, after Egypt used to get 45%, and it will remain on this new percentage until the end of the concession to develop the Sukari mine.
And the General Authority for Mineral Resources receives these profits, representing the Egyptian government, according to Centamin.
According to the company, Egypt received a royalty of about $ 25 million due to the increase in gold sales revenues in the company.
The Al-Sukari mine is located in the Eastern Desert, and it is the only commercial gold mine in Egypt and one of the 10 largest mines in the world, and is managed by Centamin, according to an agreement signed with the Egyptian government.