Africa-focused miner Centamin has announced plans to invest some US$595 million in its Sukari gold mine in Egypt between 2021 and 2023.
The investments are to allow the mine to gradually raise its output. For 2020, the Sukari mine is expected to produce between 400,000 and 430,000 oz of gold. Next year, this is to be increased to between 430,000 and 460,000 oz, the company said in a statement.
“We have already strengthened the board and management as we embark on a programme to optimise Sukari and ensure it remains one of the world's leading, low-cost gold mines for the long-term. By generating strong and sustainable cash flows, we will be able to exploit our excellent growth opportunities while delivering returns for all our stakeholders,” said Martin Horgan, the CEO of Centamin.