We will not invest in exploration in Egypt under current terms -Centamin

INVESTMENT WATCH- Gold miner Centamin will not invest further in exploration in Egypt if the tender terms offered by the Egyptian Mineral Resources Authority are not changed, CEO Andrew Pardey told Reuters’ Eric Knecht. “If the new bid round they keep talking about comes out with the same terms as the previous one, we will not be participating in it … Under the right terms we would definitely be keen to do more exploration in Egypt given we are established in Egypt and know how it operate,” Pardey says. Knecht notes that it is not clear if the commercial terms for the Golden Triangle area will be similar to the previous tender or would incorporate “a more common royalty and tax arrangement favoured by miners.” Centamin reported lower 2Q2017 profits and output but expects a stronger 2H2017.