Modern Egypt mines pharaohs’ gold
A mine known to the pharaohs has re-entered service as modern Egypt’s only large gold producer.
A papyrus map indicates that the Sukari gold deposit, in Egypt’s eastern desert near the Red Sea, was mined during the time of the pharaohs more than 2,000 years ago. Later, the Romans mined gold there, literally scratching the surface of a deposit that modern surveys show to extend deep into the earth.
Centamin, the Aim-listed miner, opened the mine last week. It will produce 200,000 ounces of gold per year as the mine enters its first phase of full-scale development, Josef El-Raghi, chief executive, said during the Mining Indaba conference in Cape Town. The company estimates it holds nearly 13m ounces of potentially recoverable gold.
The Sukari mine enters production as the price of gold starts its fourth week above $900 per ounce, largely on investors’ perception – heightened during times of economic turmoil – that it holds better value than paper currency. But the mine’s pharaonic origin is a reminder that gold has always been perceived to have value – even back to the age of the pyramid-builders.
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