The miner now expects to produce 480,000 ounces of gold, down from a range of 505,000 to 515,000 ounces it estimated in May.
Egypt Mining News
Egypt recently bought gold for the first time since 1978, India, Indonesia, Thailand and the Philippines have re-entered the gold market after years-long absences.
Two new studies reveal where ancient Egyptians got the red metal from.
Gold miner Centamin Plc's quarterly core earnings topped market expectations as lower-than-estimated mine site costs and inventory-driven sales volumes offset a drop in production.
The seven-year term loan would attract a moratorium of five years, according to facility terms read out during the signing.
Gold output in 2018 will now be between 505,000 and 515,000 ounces, compared with a previous forecast of 580,000 ounces, Centamin said.
In Q1 2018, the mine produced 124,296 ounces, some 30,000 ounces below Q4 2017 levels but a 14 per cent increase y-o-y.
Egyptian billionaire Naguib Sawiris believes gold prices will rally further, while “overvalued” stock markets crash.
January profits for the Sukari gold mine are making headlines in the country.
Egypt-focused gold miner is paying a final dividend of 10 US cents per share, or a total of $144 million, as it vowed to return all of its excess cash to investors.
The Egypt-focused gold miner also expects solid growth this year. It’s targeting 580,000 ounces in production, up from an estimate of 550,000-560,000 ounces.
LOESCHE involved in new construction project with three vertical roller mills for large cement plant in Egypt
LOESCHE is involved in the new construction of a large cement plant in Egypt with three vertical roller mills.
Two of them are foreign firms.
Despite the drop in production, the gold miner kept guidance unchanged for its 2017 financial year at 540,000 ounces.
Industrial and precious metals, coal, oil, as well as natural gas, collectively accounted for just 6.2% of foreign direct investment into the continent last year.
First international tender for gold mining concessions in eight years to be held on Sunday.
The country is said to be sitting on mineral deposits worth hundreds of billions of dollars which, once developed, could surpass oil as its main source of income.
Egypt's gold mining industry has for years been long on potential and short on investment.
The miner is one the very few bullion miners to have performed well during one of the most difficult markets conditions affecting gold producers in decades.
Average annual precipitation at many of these mines is zero.
The gold miner said it expected to produce 420,000 ounces at its only operating mine in Egypt this year, missing some analyst expectations.
The firm mined 93,624 ounces of the yellow metal in the three months to end September and it also maintained its full-year production forecast of 420,000 ounces of gold.
An appeal case on the company’s right to mine in Egypt is seen taking until next year to resolve.
Centamin issues in Egypt go back to 2012, when a court cancelled its mining license for Sukari, the firm’s only producing mine, and the country’s first large-scale modern gold operation.
Levels of conflict and political violence have risen significantly in 48 countries, most of them considered traditional mining destinations.