TIDMCEY
RNS Number : 6889G
Centamin PLC
20 July 2023
20 July 2023
Centamin plc
("Centamin" or "the Company")
LSE: CEY / TSX: CEE
New EGYPTIAN mining regulatory framework AGREED
Establishes a clear, competitive regulatory structure for
development of new mining concessions
Centamin announces that the framework for the model mining
exploitation agreement ("MMEA") has been agreed in principle with
the Egyptian Ministry of Petroleum & Natural Resources ("MoP")
and the Egyptian Mineral Resources Authority ("EMRA"). The MMEA
sets out the legal and fiscal framework that will apply to
commercial discoveries made on the highly prospective c.3,000km(2)
of ground awarded to Centamin in 2021 for exploration in the
Eastern Desert of Egypt ("EDX blocks").
Alongside industry partners, Martin Horgan, Centamin CEO, and
the Egyptian Minister of Petroleum & Natural Resources, His
Excellency Eng Tarek El-Molla, have jointly reached an agreement in
principle on the fiscal and regulatory terms associated with the
exploitation phase of new mining projects in Egypt. Following
routine Egyptian government and legal procedures, the MMEA will be
ratified as a Special Law by the Arab Republic of Egypt in late
2023.
The MoP has been clear in its vision to create a thriving mining
industry for the benefit of Egypt and its people. Centamin shares
this vision and strongly believes that mining can fulfil its true
potential in Egypt through employment, education and training, and
direct financial and infrastructure investment to support the MoP's
target for the mining industry to contribute 5% of the country's
GDP by 2030.
Martin Horgan, CEO, commented: "Centamin has successfully
operated in Egypt for over 20 years and we believe these terms lay
the foundation for developing Egypt's mining sector, unlocking the
undoubted geological potential within the country. The MMEA
provides a clear regulatory and fiscal framework that fairly
balances risk and reward between the stakeholders while providing a
stable operating environment required by the international mining
community and its investors.
We would like to thank His Excellency Eng Tarek El Molla, his
team and our partners within the industry group for the sustained
and engaged process over the last year that has enabled us to reach
this landmark for Egypt."
model mining exploitation agreement
KEY TERMS
The MMEA applies to Centamin's three EDX blocks (Nugrus, Um Rus
and Najd), and will take effect once the Egyptian parliamentary
approval is granted and] legally ratified. Under the MMEA,
exploitation licenses will be issued for a 30 year stabilised
fiscal and legal regime, including:
-- 5% government net smelter royalty on revenue
-- 22.5% corporate tax rate
-- 15% government financial net profit interest (on post tax income)
-- 0.5% community development contribution
-- Life of mine commitments towards local employment, training and procurement
The MMEA terms align with a modern, international mining code
comparable to other jurisdictions. The MMEA does not apply to the
160km(2) Sukari Gold Mine mining concession, which operates
independently under the Sukari Concession Agreement, ratified by
parliament under Egyptian Law No. 222 of 1994.
About Centamin
Centamin is an established gold producer, with premium listings
on the London Stock Exchange and Toronto Stock Exchange. The
Company's flagship asset is the Sukari Gold Mine ("Sukari"),
Egypt's largest and first modern gold mine, as well as one of the
world's largest producing mines. Since production began in 2009
Sukari has produced over 5 million ounces of gold, and today has
6.0Moz in gold Mineral Reserves. Through its large portfolio of
exploration assets in Egypt and Côte d'Ivoire, Centamin is
advancing an active pipeline of future growth prospects, including
the Doropo project in Côte d'Ivoire, and has over 3,000km(2) of
highly prospective exploration ground in Egypt's Nubian Shield.
Centamin recognises its responsibility to deliver operational
and financial performance and create lasting mutual benefit for all
stakeholders through good corporate citizenship, including but not
limited to in 2022, achieving new safety records; commissioning of
the largest hybrid solar farm for a gold mine; sustaining a +95%
Egyptian workforce; and, a +60% Egyptian supply chain at
Sukari.
FOR MORE INFORMATION please visit the website www.centamin.com
or contact:
Centamin plc FTI Consulting
Alexandra Barter-Carse, Head of Corporate Ben Brewerton / Sara Powell
Communications / Nick Hennis
investor@centaminplc.com +442037271000
centamin@fticonsulting.com
Forward-looking Statements
This announcement (including information incorporated by
reference) contains "forward-looking statements" and
"forward-looking information" under applicable securities laws
(collectively, "forward-looking statements"), including statements
with respect to future financial or operating performance. Such
statements include "future-oriented financial information" or
"financial outlook" with respect to prospective financial
performance, financial position, EBITDA, cash flows and other
financial metrics that are based on assumptions about future
economic conditions and courses of action. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "believes", "expects",
"expected", "budgeted", "forecasts" and "anticipates" and include
production outlook, operating schedules, production profiles,
expansion and expansion plans, efficiency gains, production and
cost guidance, capital expenditure outlook, exploration spend and
other mine plans. Although Centamin believes that the expectations
reflected in such forward-looking statements are reasonable,
Centamin can give no assurance that such expectations will prove to
be correct. Forward-looking statements are prospective in nature
and are not based on historical facts, but rather on current
expectations and projections of the management of Centamin about
future events and are therefore subject to known and unknown risks
and uncertainties which could cause actual results to differ
materially from the future results expressed or implied by the
forward-looking statements. In addition, there are a number of
factors that could cause actual results, performance, achievements
or developments to differ materially from those expressed or
implied by such forward-looking statements; the risks and
uncertainties associated with direct or indirect impacts of
COVID-19 or other pandemic, general business, economic,
competitive, political and social uncertainties; the results of
exploration activities and feasibility studies; assumptions in
economic evaluations which prove to be inaccurate; currency
fluctuations; changes in project parameters; future prices of gold
and other metals; possible variations of ore grade or recovery
rates; accidents, labour disputes and other risks of the mining
industry; climatic conditions; political instability; decisions and
regulatory changes enacted by governmental authorities; delays in
obtaining approvals or financing or completing development or
construction activities; and discovery of archaeological ruins.
Financial outlook and future-ordinated financial information
contained in this news release is based on assumptions about future
events, including economic conditions and proposed courses of
action, based on management's assessment of the relevant
information currently available. Readers are cautioned that any
such financial outlook or future-ordinated financial information
contained or referenced herein may not be appropriate and should
not be used for purposes other than those for which it is disclosed
herein. The Company and its management believe that the prospective
financial information has been prepared on a reasonable basis,
reflecting management's best estimates and judgments at the date
hereof, and represent, to the best of management's knowledge and
opinion, the Company's expected course of action. However, because
this information is highly subjective, it should not be relied on
as necessarily indicative of future results. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such information or
statements, particularly in light of the current economic climate
and the significant volatility, the risks and uncertainties
associated with the direct and indirect impacts of COVID-19.
Forward-looking statements contained herein are made as of the date
of this announcement and the Company disclaims any obligation to
update any forward-looking statement, whether as a result of new
information, future events or results or otherwise. Accordingly,
readers should not place undue reliance on forward-looking
statements.
LEI: 213800PDI9G7OUKLPV84
Company No: 109180
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END
MSCEAFXEALSDEFA
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July 20, 2023 07:49 ET (11:49 GMT)
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