Mubasher: Centamin PLC on Thursday said that its executive chairman, Josef El-Raghy, will retire by the end of 2018.

The gold mining company will announce a successor by the end of June, on which El-Raghy remains actively involved with the leadership of the firm, Centamin added in a press release on its official website.

El-Raghy will help to ensure a smooth handover to the successor after he has spent over 20 years at Centamin.

Given that Egypt has directly allocated about $76.6 million profit share payments from Centamin to the Egyptian Mineral Resources Authority (EMRA) in the first nine months of 2017, in addition to $14.5 million in royalties.