Strike hits Centamin's Sukari production again

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.

This is the second time this year that operations have halted at the mine as a result of discontent among the workers.

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

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

Sign up

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