JOHANNESBURG (miningweekly.com) – A new investment law promulgated by the Egyptian government this week may lead to the dismissal of a 2012 administrative court ruling declaring London-listed Centamin’s right to operate the Egypt-based Sukari mine invalid.
The gold producer has been appealing the ruling in drawn out legal proceedings against the Egyptian Administrative Court, which sought to revoke Centamin's exploitation lease for its gold mine.
The company on Thursday said the new law – numbered 32 of 2014 – could potentially restrict the capacity for third parties to challenge any contractual agreement between the Egyptian government and an investor.
“Centamin continues to discuss with its advisers the process by which the original claim in relation to the Sukari Concession Agreement, which was brought by a third party and is subject to an ongoing court appeal, may be dismissed under the provisions of this new law,” the company stated.
The new law appeared to cover all currently pending lawsuits and challenges.