Centamin PLC Market update (0040Q)
31 Octubre 2012 - 8:56AM
UK Regulatory
TIDMCEY
RNS Number : 0040Q
Centamin PLC
31 October 2012
For immediate release 31 October 2012
Centamin plc ("Centamin" or "the Company")
(LSE:CEY, TSX:CEE)
Market update
The following market update and statement is made in light of
the comments made by an Egyptian administrative court yesterday,
and associated media reports, regarding Centamin and its wholly
owned subsidiary company Pharaoh Gold Mines (PGM).
As noted yesterday, a full written decision of the
administrative court has not yet been disclosed to Centamin, but
will be delivered in due course. Until that time it is difficult to
know the precise scope of the Court's decision, though it is
understood that the Court is not asserting that the Concession
Agreement as a whole is invalid. Centamin repeats its view that the
Concession as law 222 of 1994 remains valid and that the Court does
not have jurisdiction to cancel it.
The Company is working in co-operation with the Egyptian Mineral
Resource Authority (EMRA) and the Ministry of Petroleum in taking
vigorous action to both defend its rights to continue to extract
gold from the Sukari mine in the short term and to challenge the
written decision should this be necessary. This includes lodging a
notice of "objection to enforcement", which has the effect of
"staying" for a short period the implementation of any judicial
decision. Furthermore, the Company will, if necessary, use that
time to prepare and mount a substantive legal challenge. Any such
challenge would be accompanied by a further request for the
decision to be "stayed" pending the outcome of a final court
hearing.
EMRA Chairman Mr Fekry Youssef states "EMRA takes this
opportunity to re-iterate its full support of our operating partner
at the Sukari gold mine, PGM. We enjoy a positive and constructive
relationship with PGM that will see not only very substantial cash
flows to the Egyptian economy, but also the development of a world
class gold mining industry in Egypt. In light of PGM's substantial
investment in the Sukari project, we strongly believe that the
terms of the Sukari Concession Agreement are both reasonable and
fair to all parties concerned; namely the Egyptian people, the
government and to our partners. We will endeavour to work on a
solution together and to keep the project operating".
Centamin's Chairman, Josef El-Raghy states "Our Company takes
very seriously any threat to our operating title, our investment
and the livelihood of our employees. If, through our due diligence
process in the coming weeks, we do uncover any such threat we will
spare no effort in order to defend our position which at all times
has been in accordance with the terms of the Concession Agreement
(law 222 of 1994), the Egyptian law and international best practice
for both mining and general investment in the country. The Sukari
project has seen Centamin invest over US$700 million in Egypt to
date and, despite the uncertain times, our Company committed a
further US$287 million to the Stage 4 expansion project since it
was initiated in 2011. The Sukari mine currently directly employs
1200 people, with a further 3000 employed indirectly. All of our
mining and processing operators are now Egyptians and mining now
represents a key means of bringing economic development into the
region in which we operate. We have demonstrated the ability to
generate considerable revenue, skills and jobs for Egypt and have
done so with absolute commitment to integrity and fair dealing. We
will persist in that vein so as to encourage continued investment,
employment and revenue generation in Egypt."
We will provide further updates to the market as and when more
information is available. In the meantime normal mining operations
continue.
A 'question and answer' section has been included on our website
to help clarify the situation for investors to the extent that we
are able at the present time. This will be updated as necessary. A
direct link is below:
http://www.centamin.com/centamin/investors/courtcaseqanda
For more information please contact:
Centamin plc Buchanan
Josef El-Raghy, Chairman Bobby Morse
+44 207 569 1670 Cornelia Browne
Andy Davidson, Head of Business Development Gabriella Clinkard
and Investor Relations + 44 (0) 20 7466 5000
(andy.davidson@centamin.co.uk)
+44 (0) 20 7569 1671
This information is provided by RNS
The company news service from the London Stock Exchange
END
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