Gold reserve estimates at Sukari climb 10% to 5.8 mn oz: Centamin

Centamin upgrades its estimate of Sukari gold reserves: Centamin has raised its estimate of gold reserve at its flagship Sukari mine in the Eastern Desert — the largest in the country — by about 10% to 5.8 mn oz from its October projection (pdf), the LSE- and TSX-listed gold miner wrote in a statement (pdf) yesterday. Although the estimates are higher than October’s projection, they remain 4% below last year’s forecasts.

The big picture: The updated figure puts Centamin’s proven and probable gold reserves at 7.7 mn oz.

ICYMI – The Egyptian Supreme Administrative Court ended a 12-year dispute over the Sukari mine concession lease last month, ruling in favor of Centamin. The gold miner said in October it plans to funnel USD 440 mn into its Egypt operations within a two-year period.

Market reax: The company’s shares inched up 1% on the London Stock Exchange to close at GBP 100.40.