Centamin plc (CEE.TO,CEY.L,CELTF.PK) announced its fuel supplier Chevron has received notification from Egyptian General Petroleum Corporation, or EGPC, that fuel supply to Sukari may be resumed and that no retrospective payment is currently due.
On Thursday, Centamin Plc received a claim from the Egyptian General Petroleum Corp., or EGPC, for about $65 million for diesel fuel supplied from December 2009 to January 2012, and EGPC notified it will not authorize diesel supply to the mine, unless the claim amount is paid.
Centamin said the escalation in diesel pricing that the company experienced from local to international in January 2012 is currently before the courts. The case will also deal with any retrospective claim.
Centamin noted that a further update on the status of gold exports will be provided in due course as this will determine when operations at Sukari may resume.
Sukari is located in the Eastern Desert of Egypt, approximately 700 kilometers from Cairo and 25 kilometers from the Red Sea.
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