Egyptian Legal Proceedings Update
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For immediate release |
10 May 2013 |
Centamin plc ("Centamin" or "the Company")
(LSE:CEY, TSX:CEE)
Egyptian Legal Proceedings Update
The Company has been informed that the first hearing in its appeal against the decision of the Egyptian Administrative Court on 30 October 2012, which sought to revoke Centamin's exploitation lease for the Sukari Gold Mine, shall be heard on 19 June 2013 before the Supreme Administrative Court of Egypt ("SAC").
Prior to such hearing, the Egyptian State Commissioner's Office has produced a report containing non-binding recommendations for SAC. Whilst these recommendations are not positive, the Company does not believe that they address the substantive merits of Centamin's appeal and as such the Company's grounds of appeal remain unchanged upon the initial review of the State Commissioners report.
The Company continues to prepare for the appeal hearing and shall continue to vigorously defend its rights to the Sukari Gold Mine. The recommendations of the State Commissioner's Office are advisory only and importantly Centamin notes that in its ruling on 20 March 2013, in enforcing its decision to suspend the ruling of the Administrative Court, SAC unanimously held that, "on the basis of the copy of the exploitation lease executed by the Minister of Petroleum presented to SAC, the annulment of such lease by the Administrative Court was likely to be cancelled upon the issuance of a judgment on the merits of the case."
As such pending the final outcome of the court process, Sukari continues to operate normally.
For more information please contact:
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Centamin plc Josef El-Raghy, Chairman Andy Davidson, Head of Business Development and Investor Relations (andy.davidson@centamin.co.uk) +44 (0) 20 7569 1671 |
Buchanan Bobby Morse Cornelia Browne Gabriella Clinkard + 44 (0) 20 7466 5000 |
This information is provided by RNS
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