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Tuesday, 20 April 2021

Centamin halts flagship Egyptian gold mine again due to unrest

Egypt's Sukari gold sees operations shut-down as workers down tools over a dispute about pay increases

Reuters, Wednesday 25 Jul 2012
Gold
(Photo: Centamin Egypt)
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Egypt-focused miner Centamin PLC said it had halted operations at its flagship Sukari gold mine for a second time this year due to labour unrest, hurting its shares.

The gold miner said on Wednesday that actions by a "small percentage" of the workforce at the mine, its main producing asset, prompted it to temporarily stop activities, but that it did not expect the interruption to have a material impact at this stage.

Workers downed their tools over a dispute about pay increases, Centamin said, the same cause of a week-long stoppage in March.

Shares in Centamin dropped 7 per cent to 59 pence at 0730 GMT, making it one of the worst performers on Britain's midcap index.

"The company is continuing its discussions and has the full support of the Egyptian Mineral Resources Authority and the Ministry of Labour," Centamin said in a statement.

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