CAIRO(BullionStreet): Days after resolved the latest crisis, Egypt’s largest gold producer Centamin were granted permission to restart gold exports from the Sukari mine.
Egyptian authorities allowed the Australia-based Centamin PLC, to export around 1.6 tonnes of the gold extracted from the mine to the Netherlands, where it will be purified and sold in the global market.
According to Egyptian Mineral Resources Authority, the shipment is worth $70 million. Egypt and Centamin signed deals to extract gold from the Sukari mine, which is the largest in Egypt and located next to the Red Sea.
According to the agreement, Egypt has received 55 percent of the extracted gold since 2012, while its foreign partner has taken the remaining 45 percent.
Centamin has been exploring for gold in Egypt since 1995.Construction of the Sukari gold mine began in 2007, with the first gold being extracted two years later.
In 2011, the mine’s total production stood at 202,698 ounces of gold, worth some $556 per ounce, representing a 35 per cent increase on 2010 production.
Centamin has suffered numerous production problems within the last two months.
In October, Centamin was ordered to halt all local operations after an Egyptian court ruled that the company’s legal right to operate the Sukari mine, located in Egypt’s Eastern Desert, was invalid.
Centamin went on an appeal the verdict and resume its operations.
According to Egyptian Mineral Resources Authority, the shipment is worth $70 million.
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