16th Jan 2023 09:56
(Alliance News) - Centamin PLC said the Egyptian Supreme Constitutional Court ruled favourably for the company regarding its Sukari license in the country.
Centamin is a gold mining company which produces from the Sukari mine near the Red Sea in south east Egypt.
The company said the court 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.
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 and continue as normal.
Centamin shares were 2.8% lower at 119.72 pence each in London on Monday morning.
By Tom Budszus, Alliance News reporter
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