Arabic to English translation6 Dec 2018 09:23
Yousuf Al Rajhi, General Manager of Sentinel Egypt, Managing Director of Sugar Mining Company, said the company aims to increase its gold production in 2019 to between 544 and 560 ounces after production in 2018 reached 480,000 ounces. That the company spent about $ 1.3 billion investments in the mine until the start of production.
Al Rajhi talked about the production of the mine since 2010 until 2018. He also expressed his expectation of next year's production, the financial value it has achieved since its opening, the source of the money spent, the number of workers in the mine and the companies that deal with it. Gold in Egypt, the establishment of more than a gold mine, and other things remained absent from the reader unfolds through a dialogue conducted by «News Today» .. To the text of the dialogue
What is the size of mine investments?
The company spent about $ 1.3 billion in investments in the mine until the start of production.
What size of sales?
Since the beginning of production in 2010 until 2018, the volume of gold sales has reached about 4.2 billion dollars. The production cost reached 2.7 billion dollars of sales volume and 80% of the proceeds of the mine are spent inside Egypt.
What is the proceeds of the General Authority for mineral wealth from the mine?
The Authority has received about $ 350 million. Production, construction expenses and mine production have been fully recovered over the past years.
How much labor force is mine?
Diabetes employs 1,500 direct workers and 3,000 indirect workers, which shows another benefit to the mine besides sales and profits.
Tell us about suppliers and companies that deal with the mine?
About 20 construction companies and about 2,000 suppliers are involved in the mine to bring supplies to the mine.
Is diabetes replicable in Egypt?
In the case of the amendment of the mining law in Egypt in line with the global variables, to be fair to the state and the investor will be able to create more than 20 other mines in Egypt.
Why do not we find new investors in mining, especially gold in Egypt?
When the Egyptian mining law is amended, we will find new investors in Egypt, because the current mining law is the wall of resistance against any serious investor because the origin of the philosophy of law is that the state gets its right and the investor also earns it. Profits, but the state can get taxes and royalties like the whole world.
How do you see the contribution of the mine in the Egyptian economy?
The sugar mine has injected about $ 4.5 billion into the Egyptian GDP, representing about 2% of the volume of Egyptian exports, which reveals the contribution of diabetes production to the Egyptian economy.
Is Egypt able to create a region to purify gold instead of abroad?
Currently, because there is no company that has a global certificate and is authorized to do so. Th
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