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Sunday, 4 March 2018

EMRA threatens to revoke Matz Holding’s gold license

EMRA threatens to revoke Matz Holding’s gold license: The Egyptian Mineral Resources Authority (EMRA) has granted Cyprus’ Matz Holding a one-week grace period to present a financial and technical strategy to restart operations at the Hamash mine before revoking the company’s gold license, Youm7 reports, citing an unidentified source. EMRA had deemed that the Hamash Company, a JV between the government and the Cypriot company, has capped its spending on the mine to USD 2 mn. EMRA had been looking for CAPEX spending to reach USD 200-300 mn to resume operations at the stalled mine.

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