RE: RE: 1$I found this on the UK Interactive Investor discussion group for Centamin (CEY in the UK). I will be watching their board for any updates.
https://www.iii.co.uk/investment/detail?code=cotn:CEY.L&display=discussion&it=le
This it the update at 21:32 Sunday posted by monkeynuts3
UPDATE 1-Egypt bans gold exports, miner says not affected <CEY.L> <EGP=> - RTRS
Today 21:08
(Adds comments by bankers, gold miner)
CAIRO, Feb 27 (Reuters) - Egypt on Sunday banned the export
of gold for the next four months, a measure bankers said seemed
aimed at preventing businessmen and former government officials
who acquired capital illegally from transferring it abroad.
An official from a gold mine in Egypt said he was confident
it was not aimed at gold production but at individual exports.
A decree banning the export of gold in all its forms,
including jewelry and ornaments, was issued by newly appointed
Trade Minister Samir el-Sayyad. It takes effect immediately and
continues until June 30, the official news agency MENA
reported.
"This decision, which comes in light of the exceptional
circumstances the country is passing through ..., is to
preserve the country's wealth until the situation stabilises,"
MENA said.
The MENA statement made no mention of whether the ban
included exports of gold from mining. But an official from the
flagship Sukari gold mine of Centamin Egypt <CEY.L> said he was
confident the order did not affect the mine's operation.
"For Centamin this is not a problem ... I know 100 percent
that this is not a problem for us," said Youssef el-Raghy,
managing director for the Sukari gold mine, adding that the
ruling appeared aimed at individuals taking gold out of Egypt
not producers of gold like Centamin.
The Egyptian pound has come under pressure after some of
the country's main sources of foreign currency, including
tourism and foreign investment, collapsed after the protests
that ousted President Hosni Mubarak erupted on Jan. 25.
But bankers said the decision on gold exports seemed
designed more to stop individuals from expatriating funds under
the radar than to stem major capital outflows.
"It is most likely aimed at the big guys -- the top
officials and businessmen who are under suspicion," said John
Sfakianakis, a Riyadh-based economist with Bank Saudi Fransi.
"They are blocking capital flight in a new asset class."
A banker in Cairo also said it seemed aimed at former
officials or executives trying to smuggle gold or wealth out of
the country.
(Reporting by Patrick Werr and Edmund Blair; Editing by Diane
Craft)
((patrick.werr@thomsonreuters.com; +20 2 2578 3290/1))
Keywords: EGYPT/GOL