Centamin (CEE.TO)has now received a copy of the official written
judgement of the decision of the Egyptian administrative court
handed down on Tuesday 30 October 2012.
As was expected, the official written judgement makes it clear
that it rejects any request to terminate or treat as invalid the
Concession Agreement entered into between the Arab Republic of
Egypt,the Egyptian Mineral Resources Authority (EMRA) and
Centamin's wholly owned subsidiary Pharaoh Gold Mines (
The judgement further makes it clear that PGM had made the
necessary notifications to be entitled to be granted an
"exploitation lease" in accordance with the Concession
However, the judgement states that sufficient evidence was not
submitted to Court in order to demonstrate that, as required by the
terms of the Concession Agreement, the requisite approval from the
relevant Minister had been obtained, and thus the court deemed that
the process of the conversion to an exploitation lease was
Centamin said it possesses the executed original lease
documentation which clearly shows such approval from the Minister
of Petroleum and Mineral Resources. It appears that this document
was not listed in the documents supplied to the Court. As such the
Company is confident that this matter can be resolved during the
Close to 1.5 million shares have changed hands.
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