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Centamin PLC - London-based gold producer with interests in Egypt, Burkina Faso and the Ivory Coast - Says it has in principle agreed the framework for a model mining exploitation agreement with the Egyptian Ministry of Petroleum & Natural Resources & Mineral Resources Authority. MMEA sets out the fiscal and regulatory terms for the exploitation phase of new mining projects and will apply to commercial discoveries made on the EDX blocks in Egypt's Eastern Desert, which were awarded to Centamin in 2021 for exploration. Centamin says the MMEA will be ratified as a "Special Law" by the Egyptian government in late 2023.
Chief Executive Officer Martin Hogan says: "Centamin has successfully operated in Egypt for over 20 years and we believe these terms lay the foundation for developing Egypt's mining sector...The MMEA provides a clear regulatory and fiscal framework that fairly balances risk and reward between the stakeholders while providing a stable operating environment required by the international mining community and its investors."
Current stock price: 94.40 pence
12-month change: up 19%
By Emma Curzon, Alliance News reporter
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