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Egypt halts Centamin gold exports

Only days after the Egyptian authorities announced they will boost the mining industry in the country, a 400 kg shipment of Centamin’s (LON:CEY), (TSX:CEE) gold was prevented from leaving the nation, at least until the company receives a permit from the national petroleum ministry, reports Ahramonline.

The Alexandria-based company, which is Egypt’s largest gold producer, had a similar problem in October last year, after a local administrative court ruled the company’s concession on its flagship Sukari gold mine should be revoked. There was no written judgment to go with the decision and Centamin was unable to get details.

Both the Egyptian General Petroleum Corporation (EGPC) and Egypt’s Mineral Resources Authority (EMRA) said in mid-December 2012 that their dispute with Centamin had been settled and that they would authorize the firm’s gold shipments.

Centamin’s mine is Egypt’s first modern gold operation.

In August last year, the miner reported record output up 40% over last year at Sukari and the company said it was on track to produce 250,000 ounces in 2012 at a cost of $565 an ounce.

Shares in the company were falling 0.33% this afternoon in the London Stock Exchange, to 39.12 (10:35 am ET).


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