29/10/2009 - 10:54

Centamin Egypt to delist from ASX

29/10/2009 - 10:54

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Centamin Egypt will delist from the Australian Securities Exchange due to the high costs for a shareholder base that accounts for less than 15 per cent of the miner's share capital.

Centamin Egypt to delist from ASX

Centamin Egypt will delist from the Australian Securities Exchange due to the high costs for a shareholder base that accounts for less than 15 per cent of the miner's share capital.

The Perth-based miner is also listed on Canada's Toronto Stock Exchange and London's Alternative Investment Market, which together accounted for over 97 per cent of all trade in its shares in the year to September 30.

Given the low level of trade in Centamin on the ASX, and its relatively small investor base here, the company said it was in the best interests of all shareholders to scrap its Australian listing.

The company is also planning to move from the AIM market on to the official list of the London Stock Exchange, reflecting its transition from explorer to substantial gold producer.

Consequently, it said it would provide a facility enabling Australian shareholders to sell their shares on the London Stock Exchange or TSX for a three month period following its delisting in Australia on January 29, 2010.

Those who wish to retain their shares wouldl be issued with a share certificate confirming their holding, it said.

Centamin has grown from a struggling junior to one of WA's largest gold companies by market capitalization as it has steadily developed its big Sukari gold mine in Egypt, the first large scale gold mine to be developed there in modern times.

After initially securing a large land concession in Egypt in 1995, the company completed definitive feasibility studies for Sukari in 2007, and has now confirmed open pit reserves of more than 6.4 million ounces and total resources of over 13 million ounces.

First gold was produced in June and is expected to average 200,000 ounces per annum over 15 years.

In late afternoon trade, Centamin shares were 16 cents lower at $2.15, valuing the company at $2.18 billion.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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