'World class' gold mine found in Egypt

02 November 2001

Australian mining venture Centamin Egypthas announced the discovery of what it describes as potentially one of the largest gold mines in world, in the Sukari concession in the Eastern Desert.

Managing director Sami el-Raghby said on 30 October that the mine is expected to produce 16 million ounces of gold a year once it enters into full operation. Industry & Technology Minister Mustafa el-Rifai said investment costs are expected to reach $700 million over 10 years. He said initial commercial production is scheduled to start within six months.

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