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What is the Company’s strategy?

Our strategic focus is to generate peer leading shareholder returns and value-accretive growth.

At our flagship Sukari gold mine we aim to unlock the potential for continued production growth and cost reduction beyond our base case forecasts, thereby further enhancing the substantial free cash flows generated from the operation.

As laid out in our dividend policy, we prioritise the return to shareholders of between 15 and 30% of net free cash flow.

Our long-term growth strategy seeks to create shareholder value by taking projects through the mining value chain: exploration, development and operations. We aim to fund the required investment from surplus cash reserves following payment of the dividend. We also aim to leverage Centamin’s technical expertise and in-house resources wherever possible, in order to control costs and further improve shareholder returns.  Read our Company strategy.

What is Centamin’s dividend policy?

Centamin announced an update to its dividend policy on 16 May 2014 details of which can be found by clicking on this Dividend Information. As laid out in this policy, we prioritise the return to shareholders of between 15 and 30% of net free cash flow.

What is Centamin’s policy towards debt and/or hedging?

Centamin has a strong balance sheet with a significant cash balance and no debt. We remain committed to our policy of being 100% exposed to the gold price through an unhedged position.

What is Centamin’s attitude to M&A?

We have an ongoing review process to evaluate potential acquisition targets. Any such opportunity would be judged on its potential to materially enhance the expected future shareholder returns from our existing producing and exploration-stage assets, whilst minimising the associated financial and operating risk.

What are you aiming to achieve with your exploration in West Africa?

We believe that the exploration process provides the optimal risk/reward balance to continue growing the company and increasing long-term shareholder returns. It is our strategy to undertake exploration in areas where we see significant potential to deliver low cost and high return projects. Our prospective tenement package in West African fits this profile and we will continue to undertake a systematic and cost-effective exploration program with the aim of outlining the optimal path to project development. Whilst a full economic analysis will be completed at the appropriate time, we do not publicly state our key investment criteria for a new project. Any investment decision will be based on an analysis of the existing resource base together with an assessment of the potential for further growth through ongoing exploration and a staged development approach.

What is Centamin’s view of the political landscape in Egypt?

We do not comment on the wider politics in Egypt, but the operation has continued without material interruption. We continue to observe an improving operating environment.

How far away from Cairo is Sukari?

Sukari is 700 km or 465 miles from Cairo – the same distance as London to Zurich.

How good are Centamin’s labour relationships?

We enjoy a positive and constructive relationship with our workforce. There has been no impact on production from industrial action for the past several years.

Can I buy gold directly from Centamin?

No, Centamin has a contract to sell 100% of its production to a nominated overseas refinery.

How can I get a hard copy of the Annual Report?

Please email your full name and postal address to and we will arrange for a hard copy of the latest annual report to be sent to you.



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In the subsequent months, we will have an ‘Email Alert Service’ in place on the website. You will be able to register for alerts by completing this email alerts form. This will allow us to add you to Centamin's distribution list.

How do I find out about job vacancies at Centamin?

Please send your CV and Covering letter to to attain further information of the roles we have available.

Who do I contact to get more information about Centamin?

Please contact Andy Davidson, Head of Investor Relations or Bobby Morse at Buchanan (Centamin's Financial Public Relations Advisor).

Andy Davidson
Head of Investor Relations
Telephone: +44 (0) 1534 828708

Bobby Morse Buchanan
Telephone: +44 (0) 20 7466 5000

COURT CASE – Updated on the 6th of May


Who brought the original case in respect of the Sukari Concession Agreement?

The case was filed by a private individual, Hamdy El Fakharany.

Why did he bring this case?

Since he has no direct economic interest in the Sukari mine we believe his motivations for bringing the case are political.

In what court was the original case held?

The case was heard in the Administrative Court.

Why did you not expect an adverse decision from the administrative court on 30 October 2012?

On 4 September 2012, the State Commissioner’s Authority (an advisory sub-committee of the court), recommended that the administrative court had no power to entertain claims relating to the Sukari Concession Agreement. We were advised by our legal counsel that there was no reasonable cause to expect any other outcome to the case.

What is the background to the 2005 decision to convert the Sukari concession area from an “exploration” to “exploitation” lease?

Following “commercial discovery” of the Sukari deposit, Centamin’s wholly owned subsidiary, Pharaoh Gold Mines NL (“PGM”) and EMRA were required, under the terms of the Sukari Concession Agreement, to agree an area to convert to an exploitation lease which would then be subject to the approval of the Minister of Industry based on the feasibility study. A period of lengthy discussion and arbitration with EMRA then led to an eventual settlement agreement in 2005, where it was agreed that the lease be granted over an area of 160 km2, which is where it stands today. At all times Centamin and its subsidiaries followed the appropriate procedures as laid down by Egyptian law and the terms of our Concession Agreement. The 160 km2 lease was signed by the Minister of Petroleum (who had superseded by the Minister of Industry by the time the agreement was made) and other interested parties and we have an executed original lease document in our possession.

What was the 30 October 2012 court ruling?

The Administrative Court rejected any request to terminate or treat as invalid the Sukari Concession Agreement. The Court also made it clear that due process had been followed, to the extent that evidence was presented, in order to apply for an “exploitation” lease under the terms of the Sukari Concession Agreement. However, the Court went on to say that sufficient evidence had not been submitted to it in order to demonstrate that the requisite ministerial approval had been obtained with regard to the grant of the 160km2 “exploitation” lease.

Do you have the exploitation lease with the appropriate ministerial approval?

Yes. Centamin is in possession of the executed original lease documentation which clearly shows that the Minister of Petroleum (the successor to the Minister of Industry at the time when the 160km2 lease was signed) granted the necessary approval. The Company is therefore surprised that this document was neither listed in the documents supplied to the Administrative Court, nor requested by the Court itself.

On what basis does the Company believe that the Sukari Concession Agreement is still valid in spite of the court case?

The Concession Agreement was issued as Egyptian Law 222 of 1994 which was approved by Parliament and was properly executed through the correct channels/procedures, and not by any individual member of government acting alone. We have at all times acted in compliance with both Egyptian law and the terms of the Sukari Concession Agreement. We have not been made aware of any reasonable argument by reference to which the Sukari Concession Agreement could be deemed invalid, and the court on the 30 October 2012 reached the same conclusion.

How is Egyptian Law No.222 similar to, or different from, any other contracts awarded to international businesses in Egypt at that time?

The model agreement on which Law 222 of 1994 is based was an Oil and Gas Concession Agreement and also the agreement used by BHP and Minex when they were exploring in Egypt. Some of the particulars regarding cost recovery and royalty rates differ slightly, but the agreement is in the main the same as the Oil and Gas agreements.

When was your appeal lodged?

We filed our appeal with the Supreme Administrative Court (“SAC”) on 26 November 2012.

Has the “missing evidence” been submitted to the appeal court?

The exploitation lease document has been provided to the SAC, which on 20 March 2013 ruled to suspend execution of the 30 October 2012 decision. In its ruling the presiding judges of the SAC unanimously held that, “on the basis of the copy of the exploitation lease executed by the Minister of Petroleum presented to SAC, the annulment of such lease by the Administrative Court was likely to be cancelled upon the issuance of a judgment on the merits of the case.” As such the Company is confident that this matter will be resolved during the appeal process and that, based on legal advice, the appeal is now a matter of procedure.

What is “Law 32” and how does it relate to the appeal?

We believe that the Company will ultimately benefit from law no 32 of 2014, which came into force in April 2014 and which restricts the capacity for third parties to challenge any contractual agreement between the Egyptian government and an investor. This law, whilst in force and ratified by the new parliament, is currently under review by the Supreme Constitutional Court of Egypt.

When will the appeal conclude?

We do not know when the appeal will conclude, although we are aware of the potential for the process in Egypt to be lengthy. The appeal process is concerned with the merits of the appeal itself and we will continue to update the market with any new material information as it emerges.

After a series of delays and adjournments, the Concession Agreement appeal has now been set down for judgment on 24 May 2016. If the judgment is a final judgment, the Company expects it will be in its favour. However, it has been advised that the Egyptian legal system allows for the possibility of an interim judgment staying the appeal until the Supreme Constitutional Court has ruled on the validity of law no 32.

Will mining operations be halted at Sukari as a result of the court case?

No. As noted above on 20 March 2013, the SAC reviewed the exploitation lease and other submissions and ruled to suspend the initial decision, thus providing assurance that normal operations will be able to continue whilst the appeal process is underway. Not only did this mark important progress in the appeal, we believe, the outcome provided positive indication that the SAC remains focussed on the key facts and arguments.

Does EMRA share your view regarding the merits (or lack thereof) of the case?

We have common purpose with, and the full support of, EMRA which lodged its own appeal against the decision of the Administrative Court on 30 October 2012.

Have any other appeals been lodged with the court?

The Minister of Petroleum has also lodged a robust appeal in support of our appeal. Also, in early 2013 the Minister publicly stated his belief that the terms of the Sukari Concession Agreement were fair, that the “exploitation” lease is valid and that he is sure the appeal ruling will be in our favour. In addition he stated his view that Egypt is not yet ready to do mining alone and needs the investment and expertise that Centamin brings to the country.

As might be expected, the claimant, Mr El Fakharany, has lodged papers with the court objecting to our appeal, though nothing new of substance has been raised by him.

Is the matter likely to be dealt with under international law?

We do not currently see the need to take the matter to courts outside Egypt as we strongly believe that the appeal in the Egyptian court will rule in our favour.