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Thank you Dasut.
You have given us the benefit of your past professional experience in the gold mining industry by highlighting some very valid points that some mining investors may not have considered before.
philandlynne this is our problem peaks and troughs what is needed is consistency or as close to consistency as possible. Now they will be expected to continue mining 50,000 ounces a month and whilst I would love to think this is possible it really is going to be difficult and I think we all have to expect an annual forecast more akin to 500,000 oz.
The Cey management problem hasn't necessarily been achieving production it is about forecasting production that is achievable and explaining upfront and if possible well in advance when there is a need for a restructure, as no mine that I have ever walked is uniform.
Barrick will I am sure have far more issues in production over a year but because they have so many mines around the world the individual one off issues don't impact as they do with only one producing mine.
If CEY do indeed reach 155k oz this quarter, it would certainly set a standard. It would also be at a higher average price of gold which is currently averaging $1481 this quarter.
Final Part 3
Al-Rajhi added: "We have plans in the Al-Sukari mine to expand over the project's estimated lifetime of about 30 years, and we are proceeding with steady and good steps in that matter."
He pointed out - in recent statements - that there is no mine in the world that sells its gold production directly in the market, since the matter requires exporting it to one of the global gold analysis laboratories to remove impurities from it, stamp it, and sell it in one of the gold exchanges, to eventually return to the exporting country in the form of Funds, and thus we send the production of "sugar" from gold to an analysis laboratory in Canada, a country known to those laboratories as countries; Australia, South Africa and China, which purifies, seals and sells it on the London Gold Exchange on its guarantee.
part 2
It is mentioned that 40 million dollars was transferred to the state treasury under the account of the profits of the Diabetes Gold Project during the first six months of this year.
Al-Rajhi stated that the most recent payment transferred under the profit account amounted to $ 5 million last month.
The Sugar Mine contributes to the total exports of Egypt by about 2%. As a result of the exports of the Sugar Mine from gold, the balance of payments between Canada and Egypt is in favor of the latter.
Payment of 140 million dollars in taxes ... and more than 700 million pounds in taxes
On the level of the royalty and other taxes that the project pays, Al-Rajhi indicated that since the production of the diabetes project began, 140 million dollars in royalty and more than 700 million pounds of taxes have been transferred to the state treasury.
Several companies work in Egypt in the field of research and exploration for gold, including the "Matz Holding" Cypriot, but "Santamin" is the only producer of gold in Egypt at present.
On the current production level, Al-Rajhi stressed the regularity of production rates within the mine, and implementing them according to the targeted schedules and plans.
The "sugar" is one of the 25 largest mines in the world in terms of production volume.
Al-Rajhi said that the production rates of the Al-Sukari mine project currently range from one to one and a half tons on average, equivalent to approximately 40,000 ounces.
255 thousand ounces targeted for production in the second half of 2019
On the targeted production rates during the second half of this year, he explained that it is intended to produce 255 thousand ounces during that period, so that the total production will increase throughout the whole year and by the end of next December to about 490 thousand ounces.
It is noteworthy that the total production of the diabetes project reached about 235 thousand ounces during the first half of this year.
The average gold reserves of the project are about 13 million ounces, and it is estimated that they will be produced within 30 years from the start of the project, which classifies with it the sugar mine within the main global lists of gold.
Regarding the company's expansions during the coming period, and the extent of its desire to participate in any new auctions that are offered for prospecting for gold and minerals in Egypt, Al-Rajhi said: “We await the issuance of the executive regulations to judge these amendments and look at the feasibility of expansion or not.
The Diabetes Project employs approximately 4,500 individuals, directly and indirectly, from engineers, geologists, and various workers from the cities of Upper Egypt and the Red Sea. The project deals with more than 1,000 suppliers, over 50 Egyptian contracting companies, to supply it with the production needs.
Al-Rajhi added: "We have plans in the Al-Sukari mine to expand over the project's estimated lifetime of
The total capital expenditures of the Australian company "Santamin" in the "Sugar" Gold project amounted to about $ 1.3 billion, while it plans to pump more investments during the coming years, to complete its business and maintain high production levels, targeting the production of about 490 thousand ounces of gold by the end of 2019.
The Al-Sukari mine is located in the Eastern Desert, and the Mineral Resources Authority signed with the Pharaonic Company for Gold Mines «affiliated to the Australian Santamin Company» an agreement in 1994, and the commercial gold disclosure was announced, and the establishment of a company to implement the operations under the name of “Al Sukari Gold Mines Company”, and started production since 2010 As a joint company between Santamine and the Authority.
Youssef Al-Rajhi, General Manager of the Pharaonic Company for Gold Mines «Santamine Egypt», and the managing director of “Al Sukari” Company for Gold Mines, revealed that the total capital banks of the company, since the start of its work in the Diabetic Gold Project until last November 30, amounted to $ 1.3 billion, stressing that the company is currently operating On implementing new investments, it will be included in next year's budget.
$ 4.8 billion in total sales as of last November 30
He drew - in his dialogue with the "money" - that the value of total sales of gold since the production of the diabetes project amounted to about $ 4.8 billion.
It is worth noting that the gold extracted from the Sugar Mine is shipped in parcels to Canada for purification by one of the largest purification companies in the world, then stamped and stamped with a stamp of 9999, after which it becomes valid for sale on the global gold exchanges.
Regarding the process of sharing the project's profits with the government, Al-Rajhi revealed that since the start of the profit sharing with the Egyptian government, about $ 306 million has been transferred to the state’s public treasury, under this item.
According to the agreement signed between the Mineral Resources Authority and "Santamin" in 1994, the latter will finance the Al-Sukari mine project, and recover its expenses entirely from the proceeds from the sale of gold, along with the payment of 3% royalties to the Mineral Resources Authority, with the sharing of profits from the sale of the gold mine between them and the Egyptian government, at a rate 55% for the "last".
The company "Diabetes" for gold mines began sharing production profits with the Egyptian government during 2017, after recovering the full costs of its expansions throughout the project stages.
Al-Rajhi indicated that the total profits transferred to the state treasury from the beginning of the second half of this year until November 30 last amounted to about $ 31.5 million.
It is mentioned that 40 million dollars was transferred to the state treasury under the account of the profits of the Diabetes Gold Project during the first six m
Got to say that sounds great and a good kick in the ...... for endevour as a defense and don’t need you
Hi Siko,
Thank you for this information.
This confirms the impression I had been given by a long time reliable contact , although I didn't want to post it in case they were mistaken.
Sun 8th Dec,
Mr Youssef El-Raghy:
Production at Al-Sukary is going according to the schedule and target plans.
Aiming to achieve 255k oz in H2 to achieve a full year production of 490k oz by the end of December.
We are waiting for the details of the executive regulations of the new mining law to decide about future expansions and applying for new licences/auctions.
https://almalnews.com/%D9%8A%D9%88%D8%B3%D9%81-%D8%A7%D9%84%D8%B1%D8%A7%D8%AC%D8%AD%D9%89-1-3-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%85%D8%B5%D8%B1%D9%88%D9%81%D8%A7%D8%AA-%D8%B3%D8%A7/