LONDON (Thomson Financial) - Centamin Egypt Ltd. said at the end of the quarter ended June 30, the measured and indicated resource estimate at the Sukari project in the Eastern Desert of Egypt were up 5 percent to 8.56 million ounces of gold from 8.12 million ounces of gold in April.
The Sukari gold project is fully funded through to gold production currently forecasted to be in the second quarter of 2009, the company added.
Therefore, the group no longer needs to pursue debt financing, has no debt, no hedging and as of June 30, had a cash balance of $182 million, the company said in a statement. TFN.newsdesk@thomson.com npr/sal COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
The Sukari gold project is fully funded through to gold production currently forecasted to be in the second quarter of 2009, the company added.
Therefore, the group no longer needs to pursue debt financing, has no debt, no hedging and as of June 30, had a cash balance of $182 million, the company said in a statement. TFN.newsdesk@thomson.com npr/sal COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
© 2008 AFX News
