30 October 2012

Egypt: Resources Authority Accused of Complicity in Gold-Mine Case

Rights lawyer and ex-presidential candidate Khaled Ali accused on Tuesday the Egyptian Mineral Resources Authority of complicity in the now-void gold mine case.

Centamin, an Australian company, has managed Egypt's Sukari gold mine since 2004 when it signed the contract with Egypt.

Tuesday's court verdict blew the cover on the complicity of the resources authority with Centamin and raised questions on the supposed extraction rates and their value, Ali posted on Twitter.

A court struck down on Tuesday a contract to exploit Egypt's largest and oldest gold mine, former Member of Parliament Hamdy al-Fakhrany told Aswat Masriya.

In his lawsuit, Fakhrany accused the contract, signed in 2004 between Egypt and the London-listed company Centamin, of being unfair to the people of Egypt, demanding its dissolution.

Tuesday's court verdict sends the ownership of the mine to Egypt's government.

The Sukari gold mine, located in Egypt's Nubian Desert near the Red Sea, is the third largest gold mine in the world.

The MP expects Prime Minister Hisham Kandil's cabinet to activate the court decision immediately, threatening to otherwise file another lawsuit.

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