Centamin Egypt Not To Resort To International Arbitration

Esmat al-Raghy, public relations director at Centamin Egypt, which has the franchise to extract gold from Alsukari mine, said the company’s board is seeking to amicably solve the crises with the regulatory authorities and the Egyptian government which is responsible for mining in Egypt, without recourse to the international arbitration; because the compensation value is not less than $ 30 million.

Esmat al-Raghy told Amwal Al Ghad that Egyptian economy I at the present time can’t afford to pay the compensation which expected from the international arbitration.  The current losses, as a result of the strikes and current turmoil, resulted in retreating the company’s shares in Egyptian Exchange EGX; amounted to 68% of the company’s shares in the global stock markets.

The company’s losses, since Jan 25 Revolution, outstripped EGP 500 million; in addition to the losses of the equipment used in digging to extract gold from Marsa Alam.