Centamin Continues Egyptian Gold Development

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Researched by Industrial Info Resources (Sugar Land, Texas)--Centamin Egypt Limited's (TSX:CEE) (Mount Pleasant, Australia) principal project is the Egypt-based Sukari gold project. Last year, the Egyptian government announced that the Sukari Hills location has 14.5 million ounces of proven reserves, which amounts to $20 billion based on current gold prices.

In February this year, Egypt's new government banned gold exports until June 30, 2011, as decision to help the country retain intrinsic wealth from natural resources.

This week, Dr. Samir Al Sayad, Egypt's Minister of Foreign Trade and Industry, lifted the ban before the deadline in light of the country's seemingly stable economic and political situations.

Centamin has said that it continues to produce and export gold ore, receiving the international spot price for such deliveries, as it had received no official notice restricting gold shipments.

The company, through its subsidiary Pharaoh Gold Mines NI (PGM) (Alexandria, Egypt) is wrapping up the third stage of expansion at the Sakari mine. A fourth stage, expected to kick off this summer will bring total production capacity to 500,000 ounces of gold per year. The fourth stage of the project has an estimated total investment value of $179 million and is expected to be completed in late 2012.

Information on this and other African and Middle Eastern mining projects can be found in Industrial Info's International Metals & Minerals Database.

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