Egypt Bans Gold Exports

Source: Reuters (2/28/11)

"Miner suggests that the measure does not apply to mining companies."

Egypt on Sunday banned the export of gold for the next four months, a measure bankers said seemed aimed at preventing businesspeople and former government officials who acquired capital illegally from transferring it abroad.

An official from a gold mine in Egypt said he was confident it was not aimed at gold production but at individual exports.

A decree banning the export of gold in all its forms, including jewelry and ornaments, was issued by newly appointed Trade Minister Samir el-Sayyad. It takes effect immediately and continues until June 30, the official news agency MENA reported.

"This decision, which comes in light of the exceptional circumstances the country is passing through ...is to preserve the country's wealth until the situation stabilizes," MENA said.

The MENA statement made no mention of whether the ban included exports of gold from mining. But an official from the flagship Sukari gold mine of Centamin Egypt said he was confident the order did not affect the mine's operation.

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