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Egypt's Centamin gold exports delayed by Customs Authority
- Egypt: Thursday, January 03 - 2013 at 06:52
Egypt's largest gold producer, Centamin has said the customs authority has halted its gold exports as it has yet to receive shipment approval from the petroleum ministry, Ahram has reported. "Customs delayed our latest gold shipment; we believe that there is no reason for it as we have all the documents required by Egypt's Mineral Resources Authority (EMRA)," Andy Davidson, head of business development and investor relations at Centamin, told the daily. "We think that this is merely a bureaucratic issue and expect to sort out any confusion in the upcoming week," said Davidson. Last December, the Egyptian General Petroleum Corp (EGPC) and EMRA had announced that its dispute with Centamin had been settled and that it would authorise its gold shipments. "We are in any case within our normal cycle of gold exports, do not expect this to affect operations as we have plenty of working capital in Egypt," Davidson added.
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