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Egypt gold mining firm denies wasting public money

06 March 2012

Centamin-Egypt has denied recent accusations by Egypt's Central Auditing Authority (CAA) that it had squandered public money, Ahram has reported. A report by the CAA on the company accused Centamin-Egypt of intentionally squandering $127m in revenue "since it failed to meet its production targets during the period from September 2009 until March 2011." Centamin-Egypt has been actively exploring for gold in Egypt since 1995. Its principal asset is the Sukari gold mine, located in Egypt's Eastern Desert.

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