{"id":578904,"date":"2023-01-18T04:02:59","date_gmt":"2023-01-18T04:02:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/centamin-to-request-gold-mine-lawsuit-be-rejected-after-supreme-court-ruling-on-state-investor-contracts\/"},"modified":"2023-01-18T04:02:59","modified_gmt":"2023-01-18T04:02:59","slug":"centamin-to-request-gold-mine-lawsuit-be-rejected-after-supreme-court-ruling-on-state-investor-contracts","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/centamin-to-request-gold-mine-lawsuit-be-rejected-after-supreme-court-ruling-on-state-investor-contracts\/","title":{"rendered":"Centamin to request gold mine lawsuit be rejected after Supreme Court ruling on state-investor contracts"},"content":{"rendered":"

<\/a> LSE-listed<\/strong> gold miner Centamin will file to have a 2011 legal challenge <\/strong>against its Sukari mine thrown out<\/strong> following the Supreme Constitutional Court\u2019s (SCC) decision<\/a> last week to uphold a law that bars third-party lawsuits against state-investor contracts, the company said in a statement<\/a> Monday.<\/p>\n

ICYMI-<\/strong> The court last week upheld the constitutionality of the Appeals Against State Contracts Act, a 2014 bill that prevents third-parties from mounting legal challenges against contracts signed between the government and investors. The Administrative Court had asked the Supreme Constitutional Court to rule on the constitutionality of the act as part of a years-old case brought by employees of the Nubaria Seed Production Company (NUBASEED) against the government's decision to privatize<\/a> the company. The court\u2019s decision means the 2014 bill will now apply to all active and future cases.<\/p>\n

An 11-year legal challenge:<\/strong> The Sukari mine concession \u2014 an agreement between the Egyptian government, Centamin's Egyptian subsidiary Pharaoh Gold Mines (PGM), and the Egyptian Mineral Resource Authority (EMRA) \u2014 was challenged in 2011 by a third-party individual. A year later, the Supreme Administrative Court held that even though the agreement itself was valid, EMRA and PGM hadn\u2019t received the necessary approvals for the exploitation lease. PGS launched an appeal but the final decision has been pending the SCC\u2019s ruling on the Appeals Against State Contracts Act.<\/p>\n

What they said:<\/strong> \u201c[Saturday\u2019s] judgment on the constitutionality of Egyptian Law No. 32 is most<\/p>\n

welcomed. We are delighted to now be in a position to apply to set aside the 2011 third-party challenge to the validity of the Exploitation Licence issued under the Sukari Concession Agreement,\u201d said Centamin CEO Martin Horgan.<\/p>\n

What\u2019s next:<\/strong> Centamin will \u201cimminently\u201d' submit an application requesting the resumption of its appeal proceedings and for the original case to be rejected \u201cin its entirety in accordance with the provisions of Law 32,\u201d the statement reads.<\/p>\n","protected":false},"excerpt":{"rendered":"

LSE-listed gold miner Centamin will file to have a 2011 legal challenge against its Sukari mine<\/p>\n","protected":false},"author":1,"featured_media":578905,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8008],"tags":[2569,72,125,187,3070,862],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578904","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mining","tag-centamin","tag-enterpriseam","tag-investment-watch","tag-legislation-watch","tag-sukari-gold-mine","tag-supreme-constitutional-court","wpautop","entry"],"acf":{"mongo_id":"65c78aad-7be8-4c41-9218-581010181f63","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/297.jpg","photo_position":"above","related_issue":[578899],"teaser":"LSE-listed gold miner Centamin will file to have a 2011 legal challenge against its Sukari mine"},"yoast_head":"\nCentamin to request gold mine lawsuit be rejected after Supreme Court ruling on state-investor contracts - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/centamin-to-request-gold-mine-lawsuit-be-rejected-after-supreme-court-ruling-on-state-investor-contracts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Centamin to request gold mine lawsuit be rejected after Supreme Court ruling on state-investor contracts\" \/>\n<meta property=\"og:description\" content=\"LSE-listed gold miner Centamin will file to have a 2011 legal challenge against its Sukari mine\" \/>\n<meta property=\"og:url\" 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court\u2019s decision","rel":"","context":"In "DISPUTE WATCH"","block_context":{"text":"DISPUTE WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/dispute-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1734.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":612293,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/20\/gold-reserve-estimates-at-sukari-climb-10-to-5-8-mn-oz-centamin\/","url_meta":{"origin":578904,"position":1},"title":"Gold reserve estimates at Sukari climb 10% to 5.8 mn oz: Centamin","author":"enterpriseam admin","date":"20 December 2023","format":false,"excerpt":"The new estimate puts Centamin\u2019s gold reserves at 7.7 mn oz","rel":"","context":"In 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"Mining"","block_context":{"text":"Mining","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/mining\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/949.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568707,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/02\/centamin-to-invest-usd-190-mn-in-its-sukari-gold-mine-facility-in-2020\/","url_meta":{"origin":578904,"position":3},"title":"Centamin to invest USD 190 mn in its Sukari Gold mine facility in 2020","author":"enterpriseam admin","date":"2 February 2020","format":false,"excerpt":"INVESTMENT WATCH- Centamin to invest USD 190 mn in Sukari gold mine this year: Egypt-focused Centamin plans to invest USD 190 mn this year into its Sukari gold mine in the Eastern Desert, according to the company\u2019s earnings report. The London-listed gold miner, which last month rejected a takeover bid\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/9.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597265,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/21\/centamin-raises-sukari-gold-mine-output-to-234k-ounces-in-1h2019\/","url_meta":{"origin":578904,"position":4},"title":"Centamin raises Sukari gold mine output to 234k ounces in 1H2019","author":"enterpriseam admin","date":"21 July 2019","format":false,"excerpt":"Centamin\u2019s Sukari gold mine produced 117,913 ounces of gold in 2Q2019, bringing production in 1H2019 up to 234,096 ounces, the company said in its quarterly report (pdf) on Thursday. Centamin projects that it will hit its 2019 production target of 490,000 \u2013 520,000 ounces at a cash cost of USD\u2026","rel":"","context":"In "Basic Materials + Commodities"","block_context":{"text":"Basic Materials + Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/basic-materials-commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578794,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/15\/are-you-a-party-to-the-contract-no-then-you-cant-sue\/","url_meta":{"origin":578904,"position":5},"title":"Are you a party to the contract? No? Then you can\u2019t sue.","author":"enterpriseam admin","date":"15 January 2023","format":false,"excerpt":"The Supreme Constitutional Court has upheld the Appeals Against State Contracts Act, rejecting a case that sought to have the act thrown out as unconstitutional, according to Al Shorouk.About the Act: The Appeals Against State Contracts Act prohibits third-party lawsuits against individual contracts with the state. That means that only\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/222.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578904","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=578904"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578904\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/578899"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/578905"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=578904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=578904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=578904"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=578904"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=578904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}