Shares in Egypt-focused gold miner Centamin (CEY) fell more than a third before being suspended from trading, following a surprise Egyptian administrative court ruling that annulled its mining licence.
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Press reports say a court case against Centamin had been brought by Hamdy Fakharany, a lawyer or engineer who alleged that Egypt's returns from the mine were not high enough. Centamin released a brief media statement challenging press reports, stating the administrative court "does not have jurisdiction to cancel [the licence]" and that it was not a party to the case.
Centamin's mining operations continue unimpeded at its Sukari gold mine in the country, reportedly with the support of the Egyptian Mineral Resources Authority.