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Member Info for Siko

Member Since: Sun, 11th Dec 2011

Number of Share Chat Posts (all time): 1,176
Number of Share Chat Posts (last 30 days): 5

Last Posted: Fri 20:37

Post Distribution over the last 30 days

Fri 20:37

Egypt has not started the process yet.. they were waiting for the mining law, then its executive regulations, and now they are discussing whether to go for profit share like Alsukary or production share..

I also think that they delayed the bids as long as possible until the parliament is in place as according to the mining law any area larger than 16 sq km would have to be allocated by the parliament, and with the parliament expected to have its first meeting in December/January, that's why they are expecting the bidding process to start by the end of this year.

Thu 17:54

I actually agree with howsey & curly that EMRA is just trying to get more out of the deal just like any business partners and also demonstrate that it is doing its best to look after the state's resources which is all fair as I'm sure CEY is also doing the same.. as long as everything is done legal.. business is tough and partnership always requires both sides to be vigilant.

I do not think Egypt/EMRA would do anything stupid, especially over the next few months as in the following report:

The president of EMRA said last week that auctions for some gold licenses will be held over the next few months, before the end of the year.. but EMRA has not decided yet whether to go for profit share or production share...

So I could not see them taking a negative action against CEY while at the same time trying to attract other investors..

I'm always reluctant to post negative articles, but best to be aware of everything, even rumors, so we are always a step ahead and avoid nasty surprises.
Thu 12:43

I know that reports about financial disagreements between CEY & EMRA have been dismissed before, but there have been some reports in the media recently and I thought to keep you aware of it..


-Mr A Barakat (Alsukary CEO & EMRA's representative) has asked the government and the ministry of petroleum to appoint a financial manager to impose state control on the companies finance and stop it from being abused as the foreign partner (CEY) is taking full control of all appointments including the financial manager in a clear violation of the law and waste state rights.

He also submitted some requests to EMRA's president regarding some financial violations in the company. Also the financial corruption found by the previous financial manager (Mr M Alnahas) led to his sacking.


A government source said that high authorities has informed the board of Alsukry of the appointment of a government finance representative for the first time to supervise the mine's finance due to the increase of financial violations under the supervision of the managers appointed by the company.

The council of ministers has ordered to settle the finance with the foreign partner quickly in order to start the profit share from coming January.

Mr Taema (EMRA's president) said that appointing a financial representative is legal and included in the signed agreement. He also said that referring the previous financial manager to the public prosecutor came after proving financial violations related to wasting public money in the mine which have now been added to the ongoing cc.

(I also read a report earlier where the government said that the profit share would start January 2016 regardless of what CEY say about starting it in 2017 as according to the government CEY has recovered all its costs)

I know this could be all media propaganda but as we agreed I post everything I come across as of course many people would have already seen these reports..
24 Aug '15

Interior ministry sources:

Parliamentary elections Oct/Nov with the first parliamentary meeting Dec/Jan.

Al-sisi prefers Adly Mansour to be the president of the parliament.

Adly Mansour does not mind this position as by the end of the year he would only have 6 months before his retirement from the SCC. He would be appointed by Al-sisi after the elections finish.

(Siko: None of the above is official. It is just a media report and as usual could be true/false/rumors).

(Still no news at all from the SCC or the commissioners).
11 Aug '15

Actually the media is much better towards sukari now than before.. A lot of articles were published to explain the agreement and why Egypt got only so mush so far and what will happen in the future.. But you do get some reports about 120 gold mines in Egypt like sukari.. cey officials always say (why no body else applied for a licence for any of them), and if there was a pharaonic map for the mines, why cey never applied for another mine if things were so Rosie and bright.. Officials in EMRA said (there are many potential sites, many of them were used by the pharos, but you could not label them commercially viable until drills, studies and resources get done)... I am not saying reports like the one Rtrader kindly brought our attention to are rare, they still appear every now and then by people who still do not understand the agreement and did not bother to search, but my point is they are getting less and less...

Not a single word in the media about our cc, the SCC or the commissioners report, that's why I have been quiet...

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