Loading ...Shares in gold miner Centamin (LON:CEY) (TSX:CEE) closed down over 6% in London Thursday as the company said its long-dragged dispute with Egyptian authorities over its flagship Sukari gold mine might drag into 2015.
Delivering its second quarter results, the Alexandria-based company — Egypt’s largest bullion producer— also logged lower production and higher costs during the first half of the year. It, however, kept its annual forecasts unchanged, suggesting it would deliver more output at better grades over the rest of the year.
Centamin problems in Egypt go back to 2012, when a court cancelled its mining license for Sukari, the firm’s only producing mine, and the country’s first large-scale modern gold operation.
Last year, a 400 kg gold shipment from Sukari was prevented from leaving Egypt as authorities claimed Centamin needed a permit from the national petroleum ministry to do so.
cont. http://www.mining.com/no-end-in-sight-for-centamin-legal-fight-over-gold-mine-in-egypt-56904/