Centamin has again stopped operations at its flagship Sukari gold mine in Egypt due to 'illegal labour unrest' from a 'small percentage' of the Sukari workforce, it said.
The illegal work stoppage began as a result of a dispute during on-going discussions relating to general salary increases. The company is continuing its discussions and said it has the full support of the Egyptian Mineral Resources Authority and the Ministry of Labour.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Putting a brave face on things, Centamin emphasised that it "does not consider this interruption to production to be material at this stage" and said it will provide further updates in due course.
The share price declined 4.79% to 60.60p by 09:08.
NR
-
Clinging to cash over investing fears? You could miss out on thousands of poundsOverly-cautious savers could get stuck with low returns now the Bank of England has cut interest rates again amid predictions the base rate has further to fall
-
Tesla seeks approval to supply electricity to UK homes – could it disrupt the energy market?Tesla has applied for a license to supply UK households with electricity, but taking on the biggest providers could prove challenging
