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.
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
-
Rents rise at slowest pace for four years – is buy-to-let still worth it?Slowing rental growth and higher property taxes are creating a headache for landlords. Does buy-to-let still offer a good yield?
-
Should you bag a bargain with a half-price investment trust?Twenty-six investment trusts look cheap by historic standards, with some trading at a discount of more than 50%. Are they a bargain or value trap?
