Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Centamin Egypt Gold Mine Operating Normally, Executives Say

Centamin Plc’s Sukari Gold Mine in Egypt is operating as normal as the company prepares to appeal yesterday’s court decision annulling its 18-year-old contract, executives said.

“We are not worried, and have the support of the government,” Yousef Al Raghi, the mine’s managing director, said in a phone interview today. He said the court wasn’t empowered to overturn the concession agreement. Andy Davidson, head of investor relations, said the company is waiting for a transcript of the verdict to understand its implications.

The agreement, between Centamin Plc and the state-run Egyptian Mineral Resources Authority, is valid until a copy of the court’s decision is received, Fekry Youssef Mohamed, chairman of the state-run agency, said in a telephone interview today. He said he expects to get it by Sunday.

The administrative court in Cairo ruled yesterday that the mineral authority didn’t exercise enough oversight on gold-extraction operations, and that Egypt’s share of the profits is too low. Centamin’s London-listed shares fell as much as 59 percent, the most on record, before trading was suspended.

Centamin signed a 50-50 joint venture agreement with the authority in 1994 under the rule of President Hosni Mubarak, who was ousted in a popular uprising last year.

The lawsuit was brought by Hamdy Al-Fakharany, a former lawmaker involved in overturning Mubarak-era deals where he says that public assets were sold for less than their fair value.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.