CAPE TOWN (miningweekly.com) - The $265-million Sukari project in Egypt would begin gold production this year at an initial rate of 200 000 oz/y, Centamin Egypt CEO Josef El-Raghy said on Wednesday.
El-Raghy told the Mining Indaba in Cape Town that the project of the Australia- and UK-listed junior gold company was fully funded.
He said that 1 600 holes had been drilled into the 12-million ounce deposit and pit would be a 2 g/t mining operation.
A significant underground resource had also been identified and would be pursued this year. It was anticipated that this would be mined at between 5 g/t and 10 g/t.
The plant, under construction on a site where there was a workforce of 850, was 65% complete.
El-Raghy said that the company had always shied away from debt and was mining with its own fleet.
He said modern mining was being brought to an area where gold mining had been carried out for the past 4 000 years by the Pharaohs, Romans and the British.
The company had $110-million left to complete the construction effort and another $7-million would be spent on additional exploration.