Centamin is an established gold producer, with premium listings on the London Stock Exchange and Toronto Stock Exchange
Centamin signs agreement for framework for model mining exploitation. (Credit: Albert Hyseni on Unsplash)
Centamin announces that the framework for the model mining exploitation agreement (“MMEA”) has been agreed in principle with the Egyptian Ministry of Petroleum & Natural Resources (“MoP”) and the Egyptian Mineral Resources Authority (“EMRA”). The MMEA sets out the legal and fiscal framework that will apply to commercial discoveries made on the highly prospective c.3,000km2 of ground awarded to Centamin in 2021 for exploration in the Eastern Desert of Egypt (“EDX blocks”).
Alongside industry partners, Martin Horgan, Centamin CEO, and the Egyptian Minister of Petroleum & Natural Resources, His Excellency Eng Tarek El-Molla, have jointly reached an agreement in principle on the fiscal and regulatory terms associated with the exploitation phase of new mining projects in Egypt. Following routine Egyptian government and legal procedures, the MMEA will be ratified as a Special Law by the Arab Republic of Egypt in late 2023.
The MoP has been clear in its vision to create a thriving mining industry for the benefit of Egypt and its people. Centamin shares this vision and strongly believes that mining can fulfil its true potential in Egypt through employment, education and training, and direct financial and infrastructure investment to support the MoP’s target for the mining industry to contribute 5% of the country’s GDP by 2030.
MARTIN HORGAN, CEO, commented: “Centamin has successfully operated in Egypt for over 20 years and we believe these terms lay the foundation for developing Egypt’s mining sector, unlocking the undoubted geological potential within the country. The MMEA provides a clear regulatory and fiscal framework that fairly balances risk and reward between the stakeholders while providing a stable operating environment required by the international mining community and its investors.
We would like to thank His Excellency Eng Tarek El Molla, his team and our partners within the industry group for the sustained and engaged process over the last year that has enabled us to reach this landmark for Egypt.”
Source: Company Press Release