Egypt’s Sukari gold mine, located in the eastern desert, has produced 87,016 ounces of gold in the first quarter of the current year, according to preliminary figures released by global gold producer Centamin on Tuesday.
The figures represent a rise of 77 percent compared to the corresponding quarter of the previous year.
The Australia-based firm expects that total production by the end of 2013 will reach 320,000 ounces, worth roughly $240 million.
Centamin stated that the official results for the first quarter would be announced on 15 May.
In March, the Egyptian Supreme Administrative Court suspended a court verdict that cancelled the contract between the government and Centamin.
The court upheld the 2004 contract between the government and Centamin, which operates Sukari, Egypt’s largest gold mine.
The company hopes for an output of 450,000 to 500,000 ounces of gold per annum as of 2015 from the Sukari site.