Back to the complete issue
Thursday, 2 February 2017

Centamin expects to pay Egypt around USD 100 mn in 2017

Centamin expects to pay Egypt around USD 100 mn in 2017 in its first full year of profit sharing with the government from the Sukari gold mine after recovering its costs, CEO Andrew Pardey told Reuters. Centamin produced over 551k ounces of gold in 2016, up 26% from 2015. The company was one of the best performing stocks in the FTSE 250 in 2016, The Telegraph said, following a “bumper year.” Centamin had said, however, it will not be entering the Egyptian Mineral Resources Authority (EMRA) upcoming bid round, saying its terms are not economically viable. Centamin’s net profit after tax and EMRA’s share for 2016 was 316.43% higher y-o-y, coming in at USD 214.76 mn compared to USD 51.6 mn in 2015, according to the company’s release to the London Stock Exchange.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.