Egypt partners with Google to promote 'unmatched diversity' tourism campaign    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Taiwan GDP surges on tech demand    World Bank: Global commodity prices to fall 17% by '26    Germany among EU's priciest labour markets – official data    UNFPA Egypt, Bayer sign agreement to promote reproductive health    Egypt to boost marine protection with new tech partnership    France's harmonised inflation eases slightly in April    Eygpt's El-Sherbiny directs new cities to brace for adverse weather    CBE governor meets Beijing delegation to discuss economic, financial cooperation    Egypt's investment authority GAFI hosts forum with China to link business, innovation leaders    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's Gypto Pharma, US Dawa Pharmaceuticals sign strategic alliance    Egypt's Foreign Minister calls new Somali counterpart, reaffirms support    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Egypt's Al-Sisi, Angola's Lourenço discuss ties, African security in Cairo talks    Egypt's Al-Mashat urges lower borrowing costs, more debt swaps at UN forum    Two new recycling projects launched in Egypt with EGP 1.7bn investment    Egypt's ambassador to Palestine congratulates Al-Sheikh on new senior state role    Egypt pleads before ICJ over Israel's obligations in occupied Palestine    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Egypt's Ministry of Health launches trachoma elimination campaign in 7 governorates    EHA explores strategic partnership with Türkiye's Modest Group    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Fourth Cairo Photo Week set for May, expanding across 14 Downtown locations    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egypt hosts World Aquatics Open Water Swimming World Cup in Somabay for 3rd consecutive year    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Centamin PLC suspends operations at Sukari Gold Mine
Egypt's largest gold producer, Centamin PLC, suspends operations at its Sukari Gold Mine due to dispute over fuel payments
Karim Hafez Published in Ahram Online on 13 - 12 - 2012

Centamin PLC, Egypt's biggest gold producer, has suspended operations at the Sukari Gold Mine for the second time.
The Egyptian General Petroleum Corporation (EGPC) has demanded Centamin pay almost LE403 million for fuel subsidies dating from between December 2009 and January 2012.
The gold producer has said the EGPC's claim is illegal and arbitrary.
"EGPC has refused to authorise the future supply of diesel to the Sukari Gold Mine until the amount is paid," said company chairman Joseph El-Raghy in a press statement on Thursday.
Fuel supplies have reportedly reached critical levels, forcing management to put the mine on maintenance and halt gold production until the dispute is resolved.
Ismail Abdel-Khalek, Centamin's head of exploration, told Ahram Online that customs officials had blocked the export of one tonne of gold, citing the need for approval from the finance ministry even though this is not usually required.
"The government seems unwilling to respect its binding contract with Centamin which has been in place since 1995," said Abdel-Khalek.
Centamin declared it would take vigorous steps, through legal or other avenues, to continue gold extraction in Egypt, and declared it had all the necessary permissions from the Egyptian Mineral Resources Authority (EMRA).
The company was compelled to halt production in October,after an Egyptian court ruled its right to operate the Sukari mine was invalid. Centamin launched an appeal against the verdict and resumed its operations shortly afterwards.
http://english.ahram.org.eg/News/60417.aspx

Clic here to read the story from its source.