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Sukari mine's gold production drops 6% in 2020

Sukari mine's gold production drops 6% in 2020
Egypt received $199 million in profit share payments and royalties

Cairo – Mubasher: Production from Egypt’s Sukari gold mine fell by 6% year-on-year (YoY) to 452,320 ounces during 2020 from 480,528 in 2019, data from Centamin Egypt showed.

As for the fourth quarter (Q4) of 2020, gold production plunged by 54% to 67,996 ounces from 148,387 in the year-ago period and by 45% from 128,240 in Q4-19, the gold miner said in a report released on Tuesday.

Sales fell to 468,681 ounces in 2020 from 470,020 in 2019, while the volume of gold sold in Q4-20 plummeted by 42% to 79,535 ounces from 137,065 in the corresponding period a year earlier.

Revenues reached $150 million in the October-December period of 2020, down by 26% YoY,  due to lower volume of sales.

Capital expenditure is estimated at $225 million in 2021, including investment to improve mining flexibility.

A total of $199 million was distributed to the Egyptian government in profit share payments and royalties in 2020.