29th Nov 2023 11:04
(Alliance News) - Centamin PLC on Wednesday hailed a favourable ruling from the Egyptian Supreme Administrative Court.
The Jersey-based gold producer, which has interests in Egypt, Burkina Faso and the Ivory Coast, said the court rejected the original challenge in its entirety, meaning that the claimant no longer has the right to appeal the decision.
This follows the court's judgement in January that held up an Egyptian law that stipulates that third parties are prevented from lawfully challenging contractual agreements between the Egyptian government and investors, such as Centamin's gold mine concession agreement.
This means that third parties can no longer instigate challenges against concession agreements.
The law has been under challenge since it was enacted in 2014, when the Egyptian Center for Economic & Social Rights, a non-governmental body whose aim is to protect the economic and social rights of workers, challenged the constitutionality of the law before the Egyptian Supreme Constitutional Court.
Centamin said its operations at the Sukari gold mine remain unaffected.
Chief Executive Martin Horgan said: "Further to the announcement made by the company on 16 January 2023, we are pleased to confirm that the Egyptian Supreme Administrative Court issued a final judgment today, Wednesday 29 November in Centamin's favour, setting aside the 2011 third party challenge to the validity of the Sukari gold mine exploitation licence issued under the Sukari concession agreement. This final court judgment marks an end to this long-running litigation and is warmly welcomed."
Centamin shares rose 0.2% to 95.70 pence each on Wednesday morning in London.
By Harvey Dorset, Alliance News reporter
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