Thursday, 25th November 2004 (3362 views)

Centamin Egypt has expressed confidence that operations at its Sukari Gold project will recommence soon, Dow Jones reports.

Addressing the firm's Annual General Meeting, chairman Sami El-Raghy explained that relations with the Egyptian authorities were improving, therefore paving the way for a return to work on the project.

"I'm happy to report…there has been a marked improvement in the working relationship with the Ministry [of Petroleum and Mineral Wealth], which will soon see us again focusing our efforts on our business of mineral discovery and the development of mines in Egypt," he stated.

Mr El-Raghy added that the firm's managing director was presently in Cairo engaged in "open and supportive" negotiations with Egyptian ministers over the Sukari site.

The chairman also welcomed the Egyptian government's commitment to far-reaching economic reforms and a reduction in taxation rates.

The Sukari site is estimated to contain around 3 million ounces of gold.

 

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