Centamin reduces stake in Nyota

FTSE 250 Egypt-focused miner Centamin, which is Nyota Minerals’ largest shareholder, has sold 20m shares in the Aim-listed miner. The disposal reduces Centamin’s stake to 151m shares, representing 17.2 per cent of Nyota. Development of Nyota’s key asset has been slow to get off the ground and last month, Centamin called for chief executive Richard Chase to step down. However, since then Nyota has secured short-term funding to allow it to continue operating. Centamin’s gold production rose eight per cent in the last quarter, but a court case over the validity of a mining licence in Egypt continues to overshadow the firm.