London-listed Centamin had seemed to be going from strength to strength with the successful development and early mining operations of Egypt’s first modern gold mine. But then came the ‘Arab Spring’, which dented the share price, but not initially the operations which continued to expand.
But the past year has seen other problems spring up and the latest ones have seen the company forced to suspend operations and put them on care and maintenance as these, hopefully temporary, developments are both preventing it from continuing to mine and from selling its gold production – a double whammy with serious short term consequences for the company and saw its stock price plunge 50%.