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I'm wondering if the market has not yet comprehended the significance of Saturdays announcement. - It may at first appear that Centamin has set in train an appeal to the SAC which is being interpreted as a negative. - Just a thought.
Gap in the London gold chart closed. Partly created as USA market is closed today. Gap in USA market now exists to 1923 to be closed by Comex 1pm tomorrow or during USA open. Centamin and gold should now slowly edge up. Centamin has a lot of resistance at 125p. The highest it can run to is around 132p if gold was to have an average of $1900 ounce for the entire year and AISC was under $1400. Still holding a small amount of CEY.
Well the SP hasn't done what I was expecting and with the GP still above 1900, Go figure? I honestly thought we would see an upward spike this morning.
We’ll the share price doesn’t seem very interested so far at the open
Good Morning all, this may help in the case of Saudi as announced last week to invest more in gold mines in Egypt and at the same time was a condition of a loan of 3 billion to the Egyptian government to privatize its own project.
I hope that is for the better to the investors.
GLTA,
Dan
Thank you as ever Siko for the advance information, and thank you Mr Horgan and Buchanan for your speedy Rns this morning. Roll on the appeal which seems a formality and the share price we hope today. Although still half owned by EMRA this should also make Centamin a more attractive bid target albeit 50% more expensive than last summer. However if gold continues to strengthen and further exploration gets going and is successful we will hopefully do better alone as a growing long life tier 1 miner. About time the company had some luck and much now seems to be going their way. My holding remains the biggest I have and a third of my portfolio
BACKGROUND
Sukari Gold Mine Concession Agreement Case
· The Concession Agreement between the Egyptian government, Egyptian Mineral Resource Authority ("EMRA") and Centamin's Egyptian subsidiary Pharaoh Gold Mines ("PGM"), was enacted by the Egyptian Parliament under special law No. 222 of 1994.
· On 29 September 2011, a private Egyptian individual issued proceedings in the Administrative Court against the Ministry of Petroleum and Mineral Resources ("MoP") and EMRA, in which the individual sought nullification of the Concession Agreement. The same individual also instigated similar claims against several other international companies in Egypt around the same time, most notably in relation to privatisations which took place during President Hosni Mubarak's administration (1981 to 2011).
· On 30 October 2012, the Administrative Court, as court of first instance, held that, although the Concession Agreement was valid, insufficient evidence had been presented by the MoP and EMRA to demonstrate that the 160km2 exploitation lease between PGM and EMRA had received approval from the relevant Minister as required by the Concession Agreement.
· In November 2012, Centamin's subsidiary, PGM immediately joined proceedings and filed, with EMRA and the MoP, an additional appeal against the judgment (the "Appeal") and submitted a copy of the Sukari exploitation lease which clearly shows that the 160km² exploitation lease was approved by the MoP.
· On 20 March 2013, the SAC unanimously decided to suspend the lower court's decision until a ruling was made by the SAC on the Appeal. Operations at Sukari Gold Mine have continued uninterrupted.
· On 28 June 2016, the Appeal was stayed indefinitely pending the outcome of the SCC's ruling on the constitutionality of Law 32. On the basis that the constitutionality is upheld, an application would be made to dismiss the proceedings.
Egyptian Law No. 32 of 2014
In April 2014, Law 32 was enacted by the former interim president, Adly Mansour, which prevents third parties from challenging contractual agreements between the Egyptian government and investor(s). The law applied to all prospective cases and any active cases in front of the courts where no final judgment had been given.
In July 2014 the Egyptian Center for Economic and Social Rights ("ECESR") (a non-governmental body whose aim is to protect the economic and social rights of workers) challenged the constitutionality of Law 32 before the Egyptian SCC.
Delays ensued as the SCC was overwhelmed with cases following a period of political disruption between 2011-2014 following the Hosni Mubarak government and before the current stability under the Abdel Fattah el-Sisi government.
On 14 January 2023, the SCC rendered its judgment considering that Law 32 is constitutional, meaning third parties have no legal standing to challenge contracts between the Egyptian government and investor(s). A copy of the judgement will be available in due c
16 January 2023
Centamin plc
("Centamin" or "the Company")
LSE: CEY / TSX: CEE
legal update: Favorable Constitutional Court Ruling
Martin Horgan, CEO, commented: "Today's judgment on the constitutionality of Egyptian Law No. 32 is most welcomed. We are delighted to now be in a position to apply to set aside the 2011 third party challenge to the validity of the Exploitation Licence issued under the Sukari Concession Agreement."
Summary
· Egyptian Law No. 32 of 2014 ("Law 32") was upheld as constitutional by the Egyptian Supreme Constitutional Court ("SCC") on 14 January 2023, having been under challenge since 2014
· Law 32 provides that third parties are prevented from lawfully challenging contractual agreements between the Egyptian government and an investor(s), such as the Sukari Gold Mine Concession Agreement ("Concession Agreement")
· The SCC judgment gives Centamin the right to request the Supreme Administrative Court ("SAC") to rule that the 2011 challenge to the Concession Agreement is now legally inadmissible on the basis that the original complainant had no capacity to bring the claim as he was not a party to the Concession Agreement
· As per the provisions of Egyptian Civil Procedures Law, Centamin's subsidiary, PGM, will imminently submit an application to the SAC to resume the Appeal proceedings and request the SAC to reject the original case in its entirety in accordance with the provisions of Law 32
· Operations at Sukari Gold Mine remain unaffected and continue as normal.
cont.
European stock exchanges were above the flatline in the premarket session on Monday with investors locking their attention on the World Economic Forum (WEF) which is set to take place from January 16 to January 20 in in Davos, Switzerland.
In the coming hours, Centre for European Economic Research (ZEW) will publish the report on current economic conditions in Germany.
The European Stoxx 50 climbed 0.49% at 7:18 am CET. Frankfurt's DAX and the CAC 40 both increased by 0.47%, while London's FTSE 100 rose 0.09% at the same time.
The euro traded 0.09% higher against the dollar, to change hands to $1.08433 at 7:33 am CET. The pound sterling stood flat against the American currency, to go for $1.22396.
Baha Breaking News (BBN) / AB
Happy Monday y’al
Mr Tibbles , of course they were ,they knew long before the official announcement.
You maybe missed the point .
They read this and other bulletin boards.
I dont think that unusual, Sweet dreams of pasties and Cornish beer.
Good night.
Hi Mr Bond,
I am absolutely certain that Buchanan and Centamin were fully aware of the decision within a few minutes of Siko's message and that both were as delighted as we shareholders!
This is a fantastic endorsement of the integrity and credibility of Centamin and the strength of it's Egyptian working partnership!
Thanks Siko!
The response from Horgan will be the real catalyst for SP movement. If I was Horgan, I would have tempered my investment plans on the 160km2 permit. Now with all lights green, what is the new plan? I am all ears and eyes. Is this breakout time?
the gnome
Thank you, Siko. I really appreciate your inputs.
Likewise Razors Edge, to yourself and all.
Hello MrBond46, I doubt if the court ruling will have any effect but comments by Centamin or from the media I think would definitely get a share price reaction.
This coming week is “our turn to burn”.
I wish you and all of us good luck.
Buchanon I am sure check us out.
Thanks Razors, be interesting to see if it affects the SP.
Centamin are aware that the Centamin following on LSE know about Saturday’s ruling.
Thanks for your efforts Siko……….I tried the translator page but had no real success.
Good job you posted for us all to read.
Siko, good morning and thank you for the news.
You are a great asset to this board keep up the good work.
We just need some good results for q4 now
I heard from a contact today that Centamin will be providing an official update to the market and shareholders in due course.
Tibbs
It is great news to finally get the court case cancellated.
Although there always was a general misconception about what area was was being disputed, see my original post of an official Centamin response from 26 Sept 2013
The 3km is a complete red herring.
The proof of license submitted by CEY at the end of last year is for the whole 160km.
This has been acknowledged by the admin court and all of the judges in the supreme court - if this was not so Cey would not have been able to have continued mining, which does as we speak. There is a lot of noise around what the arguments are about, almost all of them wildly inaccurate, this being probably the most farcical of them all.
Cey has and continues to adhere to all of the conditions set in the original rule of law when they were granted the license. If they have transgressed this they would have been shut down a long time ago, let alone having spent close to $1bn on building Sukari.
Tibbs
CENTAMIN PLC - Q4 2022 - Investor Presentation - 19th Jan 2023 at 1:00pm GMT
https://www.investormeetcompany.com/investor/meeting/q4-2022-investor-presentation
Q&A
You can pre-submit questions directly to the company up until the day before the meeting, in addition to asking questions during the live presentation. Whilst the Company may not be in a position to answer every question it receives, it will address the most prominent within the confines of information already disclosed to the market.
Question 1:
Has the Doropo PFS been delayed because the exploration permits have expired? If so, when were the requests to renew permits made?
Question 2:
Has Centamin's board reversed its policy on gold sales hedging/forward contracts in order to secure new bank funding? What are the reason(s) for the Capital Structure Review delay?
Question 3:
When will Centamin shareholders also have access to the 2022 Sukari airborne survey, the 2019 Sukari seismic survey & the deep Sukari 'step-out' drilling results of 2019/2020 ?
Question 4:
Given the Burkina Faso Ministry of Mines is still referring to Centamin's ownership of the Konkera concessions/gold deposit as recently as Jan 12th, 2023 in a public press release (see https://twitter.com/NamazeDany/status/1613854410139963394 ) why has Centamin indicated it no longer retains possession? Subsequently, Centamin has a fiduciary duty to extract whatever economic benefit there remains for its shareholders - whether by divestiture, joint-development or a royalty agreement upon 3rd party exploitation.
-------------------------->>>
These are my submissions, hoping they can answer or respond with exactly why they cannot.
Thank you Siko.
Thanks Siko, it is a dream come true.
Now let's see what Martin Horgan will do to develop the 160km2.