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Director of Investor Relations Psontamen: Snqtzm production of gold "diabetes" with Egypt in 2014 and talk about smuggled "rumor" .. And $ 4 billion in the government's share mine .. And looks forward to the establishment of new investments in Egypt
Said Andy Davidson, director of business development and investor relations company Centamin, Self franchise mine diabetes, that there is a state of anxiety and anticipation by investors on the political and security situation in Egypt, pointing out that investors are interested in is stability, security, and must be on the Egyptian government set conditions stimulate investors to invest in the mining sector of Egypt. stressed Davidson will be profit-sharing between Centamin and the Egyptian government in 2014, to begin pumping annual amounts beginning with $ 50 million and $ 75 million during 2015, to settle at $ 200 million annually can be increased if high Gold prices globally, until it reaches the total profits of Egypt mine diabetes to $ 4 billion accrue to the public treasury of the state during the life of the project, in addition to the total size of the royalty decided by the government since the beginning of production, which up to $ 450 million.
said Davidson, said that Egypt possesses more than 53% of mine diabetes, compared by major countries working in mining, which range from the size of its share from 30 to 35%, stressing that Egypt is still crawling around in investing in the mining sector, the government must put a number of conditions that stimulate investors to attract more investment Foreign in the mining sector, especially that mining is the hope of Egypt,
and is the locomotive of economic growth.
, and about what is being said about smuggling gold mine diabetes Davidson said it was "rumors" to stir up confusion when the Egyptians, pointing out that gold is sold on international markets, and controlled by the Central Bank of England, where trading gold in several places around the world, including England , China, London and Japan, and is selling gold when purified, pointing to the existence of many of the bodies that monitor the operations of gold, including the Mineral Resources Authority stamp and balances, which works to ensure and document all ingots gold since the beginning of production , in addition to that Centamin fall under a full review of the stock exchanges of London and Toronto.
Regarding get mine diabetes features through obtaining the needs of diesel prices backed manager said business development that mine diabetes do not get special treatment, and gets the diesel prices, the global prices of up to 5.5 pounds, pointing out that Centamin since its inception in Egypt has injected a total investment of one billion dollars over 19 years since the beginning of the work of Centamin in Egypt.
stressed Davidson that Centamin able to bring mining technology modern company Pharaonic owned Centamin and the Egyptian government, putting it in the ranks producing states for gold, and the completion of the fourth phase will be paid in Egypt to finish the 22-level mines the world, reserves went up to 15.5 million ounces.
said Davidson that Centamin began production in Egypt in 2010 of $ 150 thousand ounces, to size up production to 260 thousand ounces this year , and planned to increase the volume of production rates ranging from 450 to 500 thousand ounces in 2015, and after the start of production of the fourth stage.
pointed Davidson that Centamin will expire from the completion of construction for the implementation of the fourth phase of the project, which aims at increasing the volume of production by the end of this year to reach production rates of the pilot of that phase to 300 thousand ounces even up to 500 thousand ounces by 2015.
said Doaa Abu Aila, director of sustainability and business development company Centamin, said the company is looking to enter into new investments in Egypt, pointing out that the working age in the mine diabetes up to 20 years, and are currently working through the intensification of research and exploration to increase the size of the reserve, and the increased presence of years of work in Egypt.
confirmed Abu Eila, the referee issued the invalidity of contract diabetes recently Administrative Court did not harm the investment company as its negative impact on the reputation of Egypt's international and favor the year, pointing out that the investment in diabetes is due to plan, which is in a natural increase, where he is scheduled arrival sized investment to one billion dollars by the end 2013.
said Abu Eila, if Centamin has paid part of the dues Egypt of its stake in the profit-sharing to support and assist the Egyptian economy, particularly with the decline in foreign exchange reserves, which have been provided nearly $ 9 million for the public treasury of the state, have been paid during the month of March.