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Sukari Gold Mine Operating Normally, Despite Court Ruling
Oct. 31, 2012 10:35AM PST
Precious Metals InvestingBloomberg reported that Centamin Plc’s Egyptian Sukari Gold Mine is operating normally on the heels of a court decision that annulled an 18-year old contract with Egyptian Mineral Resources Authority. Centamin Plc plans to appeal the decision.
Bloomberg reported that Centamin Plc’s Egyptian Sukari Gold Mine is operating normally on the heels of a court decision that annulled an 18-year old contract with Egyptian Mineral Resources Authority. Centamin Plc plans to appeal the decision.
As quoted in the market report:
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.
