Centamin says Egypt court rules challenge to Sukari deal invalid

16th Jan 2023 08:21

(Sharecast News) - Gold miner Centamin on Monday said Egypt's Supreme Constitutional Court (SCC) had had ruled that a local law stopping third-party challenges to a deal between the government and an investor was constitutional.

The case relates to a challenge started in 2011 which wanted halt to deals struck in Egypt in relation to privatisations which took place during President Hosni Mubarak's administration (1981 to 2011). Centamin runs the Sukari gold mine in Egypt.

"The SCC judgment gives Centamin the right to request the SAC to rule that the 2011 challenge to the Concession Agreement is now legally inadmissible on the basis that the original complainant had no capacity to bring the claim as he was not a party to the Concession Agreement," Centamin said.

Reporting by Frank Prenesti for Sharecast.com