Centamin Egypt Loses EGP 25 mln

Centamin Egypt Co., which has the franchise of extracting gold from Alsukari mine, lost EGP 25 million because of the workers’ successive second-day sit-in; after mounting a clash mounted between Dr Mustafa Al Kady, representative of the Egyptian partner in Alsukari mine, and the foreigner partner, who issued a decision of dismissing 30 workers, caused the protests.

Esmat al-Raghy, The General Manager of Alsukari Corporation, elaborated that Al Kady has phoned the chairman of Egyptian Mineral Resources Authority (EMRA), to tell him about what is coming about and express his objection on the decision which violates the law; but it hasn’t reached a resolution so far.

He added that the company’s losses reached EGP 25 million due to suspending work for two days on the background of calling for incentives instead of the remote areas, 60%; referring that the administration is sticking to the labor law not the mines and quarries.

Centamin Egypt has the franchise of extracting gold from Alsukari mine. It started working in Egypt since 1995.