Centamin Likely To Resume Operations In Sukari Mine In Days

Egypt’s largest gold producer, the Australia-based Centamin PLC, said it expected operations at its mine to restart in the coming days after customs officials allowed it to export gold.

On Thursday, it was reported that Egyptian General Petroleum Corporation (EGPC) had demanded Centamin should pay almost EGP 403 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.

On Friday, Centamin said it may resume its operation in Sukari mine as EGPC is likely resume the fuel supply needed for the Australian company’s operation.

Centamin further added that EGPC said that there is no retrospective payment is currently due on the company.