Centamin, which operates the Sukari mine, expects it to produce an average of 475,000 ounces per year for the remaining two years until the end of the mine's productivity life in 2034.

"The new life of mine plan demonstrates our commitment to maximizing cash flows. It not only represents a significant improvement over previously published plans but also includes lower operational risks compared to the past and achieves a notable reduction in carbon emissions," said Martin Horgan, the CEO of Centamin.

Sukari is Egypt’s first large-scale modern mine and started production in 2009.

From then to 2022, the mine's total production reached five million ounces of gold. The mine still has 11.11 million ounces of reserves.

Egypt's gold production amounts to about 15.8 tons per year, most of which comes from Sukari in the Eastern Desert, according to a report by the World Gold Council.

The country's gold exports grew by 45 percent to reach $1.633 billion in 2022, up from $1.126 billion in 2021, according to Egypt's General Organization for Export and Import Control.

Egypt is home to about 270 gold sites, including 120 sites and mines from which gold was extracted in ancient times, including the Sukari mine, the largest and most famous in the country.

The Egyptian government launched new tenders for mining gold and precious metals in the country in the second half of 2023.

In August, state-owned Shalateen Mineral Resources Company (SMRC) extended its bid round for the exploration and exploitation of gold in the Eastern Desert for another three months, with the new deadline on 9 November.