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Sunday, 4 August 2019

Egypt receives USD 48.2 from Sukari gold mine in 2H2018

Egypt received USD 48.2 mn in profit share and royalties from Centamin’s Sukari gold mine in 1H2019, the company said in its earnings release (pdf). The Egyptian Mineral Resources Authority (EMRA) received USD 39.4 mn in profit share (unchanged y-o-y), with Centamin paying USD 8.8 mn (down 2% y-o-y) mn in royalties to the state. This came as the company reported a 3% y-o-y fall in its top line for the first half of the year to USD 288.1 mn. Gold sales declined 2% y-o-y to 224.1k ounces. The company expects production “to deliver stronger production and increasing free cash flow” in the 2H2019.

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