TIDMCEY
RNS Number : 0754V
Centamin PLC
29 November 2023
29 November 2023
Centamin plc
("Centamin" or "the Company")
LSE: CEY / TSX: CEE
favourable FINAL egyptian Court Ruling
Martin Horgan, CEO, commented : "Further to the announcement
made by the Company on 16 January 2023, we are pleased to confirm
that the Egyptian Supreme Administrative Court issued a final
judgment today, Wednesday 29 November in Centamin's favour, setting
aside the 2011 third party challenge to the validity of the Sukari
Gold Mine exploitation licence issued under the Sukari Concession
Agreement. This final court judgment marks an end to this
long-running litigation and is warmly welcomed."
Summary
-- On 14 January 2023 Egyptian Law No. 32 of 2014 ("Law 32") was
upheld as constitutional by the Egyptian Supreme Constitutional
Court ("SCC Judgment")
-- Law 32 provides that only parties to contractual agreements
between the Egyptian government and an investor(s), such as the
Sukari Gold Mine Concession Agreement ("Concession Agreement"),
have the legal capacity to raise challenges against these
agreements. Third parties are accordingly prevented from lawfully
instigating such challenges.
-- Following the SCC Judgment Centamin applied to the Supreme
Administrative Court ("SAC") to rule that the 2011 challenge to the
Concession Agreement is now legally inadmissible on the basis that
the original complainant had no capacity to bring the claim as he
was not a party to the Concession Agreement
-- The SAC has today ruled in Centamin's favour, rejecting the
original case in its entirety. The claimant has no right to appeal
and today's judgment is final and therefore brings this
long-running litigation to a close
-- Operations at Sukari Gold Mine have remained unaffected throughout.
For more detailed background information on the original
proceedings and the Law 32 constitutional case please refer to the
announcement issued by Centamin on 16 January 2023 ( link to full
announcement ).
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, 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
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