Egypt’s Petroleum Co. Says No Current Dues On Centamin

Egypt largest gold producer Centamin may resume its operation in Sukari mine as the Egyptian General Petroleum Corporation (EGPC) is likely resume the fuel supply needed for the Australian company’s operation.

Centamin added in its statement on Friday that EGPC said that there is no retrospective payment is currently due on the company.

On Thursday, it was reported that EGPC had demanded Centamin should pay almost LE403 million ($65.3 million) for fuel subsidies dating from between December 2009 and January 2012.The gold producer said the EGPC’s claim was illegal and arbitrary.

In October, Gold producer Centamin has been ordered to halt local operations after an Egyptian court ruled its right to operate the Sukari mine, its main asset, was invalid.

Centamin went through an appeal against this verdict and resumed its operations shortly afterwards, centered in the coastal Red Sea town of Marsa Alam. The mine was the scene of several industrial actions over the past couple of years.

Ahram