license Exploitation lease was deemed invalid, Centamin will resolve the matter through an appeals process.
So the company is stating no problem we are operating without an exploitation license, we will resolve this in the courts, we will resume operations when we have fuel and the gold sales finalize.
the new government is stating we want more of the profits for the Egyption people.
Egyption lower court ruled the license was void,futher decision to renew a 30 year extension is void.
the IMF state no loan Egypt is not stable.
it sounds like the new government want to either take the mine over mine it themselves or they want a new agreement with better terms.
On the other hand Egypt is hard up for cash its contingency fund barely holds enough for 3 months imports.
bottom line the nmine is set to produce a healthy profit 2013 2014 which the new Government could be looking to cash in on.