http://af.reuters.com/article/egyptNews/idAFL5E8M8DY520121108

 

LONDON/CAIRO, Nov 8 (Reuters) - Centamin said it hoped to resolve a court case hanging over its Sukari gold mine in Egypt during 2013, offering hope to shareholders worried about the future of the gold miner's only producing operation.

...

Centamin said terms offered in its 1994 agreement with Egypt made exploring and developing a gold mine attractive, but said terms offered in 2006 and 2009 bid rounds were not sufficient.

"We did not participate in those bid rounds because the terms were too onerous for investment," Raghy said.

Centamin's Sukari revived Egypt's bullion mining history dating back to ancient times. Centamin describes Egypt's eastern desert as having great potential for more mines, but which is under-explored and under-developed.

Most of the companies that picked up licences in the 2006 and 2009 bid rounds have since relinquished them, said El-Raghy.

"The gold is there. What isn't there is the investment climate," Centamin's head of business development Andy Davidson said.