Centamin Plc (CEY) said today it is not party to a lawsuit seeking to void the concession allowing it to extract gold from the Sukari mine.
The case, filed by Hamdy El Fakharany, a lawmaker with the now-dissolved parliament, seeks the nullification of the concession granted to Centamin on the grounds it had not been submitted for parliamentary approval. An Egyptian administrative court said today it would announce its decision on Oct. 30 after reviewing the recommendation from its advisory body, which said the court did not have purview over the case. The panel’s ruling is not binding on the court.
Centamin said in an e-mailed statement the hearing on Oct. 30 was to consider the advisory panel’s recommendation that the case “should in fact be dismissed” and that it had not been served with any papers relating to the case.
“The Sukari concession agreement is, itself, an act of parliament passed in 1994, and outside the scope of the court process,” Andy Davidson, the company’s head of business development and investor relations, said in e-mailed comments.
Centamin operates the mine as a 50-50 joint venture with the Egyptian Mineral Resources Authority.
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