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Egypt’s Asec reports wider net losses in H1 2013

Egyptian miner, Asec, has posted EGP17.8m ($2.5m) in net losses in the first six months of 2013, compared with net losses of EGP15.2m ($2.1m) in the same period last year, Ahram has reported. Pre-tax financial results of the first six months of 2013 recorded losses of EGP13.8m ($1.9m), 12% down from losses in the same period in 2012. "We have shouldered high taxes this year, worth around EGP4m (around $572,400)," a company official told the daily. Cairo-based private equity firm Citadel Capital has 39% share in Asec, which has expanded its operations in North and East Africa through a number of cement plants and developing mining operations to quarry raw materials and precious metals.