First international tender for gold mining concessions in eight years to be held on Sunday.
Egypt 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.
Egypt's gold mining industry has for years been long on potential and short on investment.
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.
Average annual precipitation at many of these mines is zero.
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.
Levels of conflict and political violence have risen significantly in 48 countries, most of them considered traditional mining destinations.
Study also says that Myanmar is the country where the business environment improved the most last year.
Terrorism, regime instability and resource nationalism, are the main risks mining investors will face in 2014.
Oil prices surpassed $100 a barrel on Wednesday.
New tension stems from a dispute over water.
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.
Shares in London and Toronto-listed Centamin (LON:CEY, TSX:CEE) surged 26% to 43.95p on Monday after the miner announced it had resumed exports from its flagship Sukari gold mine in Egypt.
Stock down 65% as 97 million shares are dumped.
The company said it has to resume gold exports shortly or it will run out of money to cover running cost at its Sukari mine.
The Alexandria-based company tried to pour cold water on the reports and said operations at the mine – the first modern gold mine to open in the North African country – were continuing as normal.
Pharaoh Gold Mines NL, Centamin's wholly-owned subsidiary, signed gold exploration contracts with Oman, Saudi Arabia, Ethiopia and Sudan.
The Egyptian Mineral Resources Authority plans to issue international tenders in September to explore for gold in seven areas in Egypt's Eastern Desert and Marsa Alam regions in the south where it has identified deposits.
The illegal work stoppage as a result of labour unrest from a small percentage of the Sukari workforce has been successfully resolved with the co-operation of the Egyptian Mineral Resources Authority and the Ministry of Labour and as such work has recommenced.
1,500 Sukari Gold Mine workers have declared a third day of strikes as they demand raises, the re-hiring of arbitrarily fired employees and the passing of a law that would make bonuses obligatory for dangerous work.
Approximately 1,500 workers staged an open-ended sit-in Sunday in the Red Sea gold mine of Sukari, objecting to the decision of the mine’s operating company, Centamin-Egypt, to lay off a number of mine workers.