First international tender for gold mining concessions in eight years to be held on Sunday.
Centamin Egypt Ltd Mining News
The country is said to be sitting on mineral deposits worth hundreds of billions of dollars which, once developed, could surpass oil as its main source of income.
The miner is one the very few bullion miners to have performed well during one of the most difficult markets conditions affecting gold producers in decades.
The gold miner said it expected to produce 420,000 ounces at its only operating mine in Egypt this year, missing some analyst expectations.
The firm mined 93,624 ounces of the yellow metal in the three months to end September and it also maintained its full-year production forecast of 420,000 ounces of gold.
An appeal case on the company’s right to mine in Egypt is seen taking until next year to resolve.
Centamin issues 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.
Centamin was the only large producer in the country
The new authorities are considering offering a number of international bids for mineral exploration, particularly for gold.
Pharaoh Gold Mines NL, Centamin's wholly-owned subsidiary, signed gold exploration contracts with Oman, Saudi Arabia, Ethiopia and Sudan.
Egypt has lifted a ban on the export of gold due to increasing economic and political stability, the government said in a statement on Saturday. The government decided on Feb. 27 to ban exports of gold until June 30 -- a decision which the statement issued on Saturday said was aimed at "guarding Egyptian national security and to stop smuggling of the country's wealth abroad".
Centamin Egypt (CEY.L) (CEE.TO) said it expects full-year production to come in at the lower end of its 250,000-290,000 ounce guidance after output in the first quarter was hit by supply problems. It poured 45,204 ounces in the first quarter and said its Sukari operation remained largely unaffected by Egypt's political unrest.
Gold production at Centamin's flagship Sukari gold project have continued and company says no restrictions imposed although Egypt on Sunday banned gold exports for next 4 months