CEY is a gold mining company operating in Egypt. It was ordered by the Egyptian Government to stop drilling pending a legal dispute brought against the company by a government minister.

Since then, the whole Government cabinet was replaced a few months ago and the minister now in charge of Mining is believed to be positive on Western investment in the country. CEY are pushing for this minister to allow them to continue drilling ASAP; investers are waiting....patiently.

As soon as the company gets the go-ahead to continue drilling, the share price will move north; CEY has plenty of gold in this mine and it is (apparantly) the case of "raking" it out rather than drilling for it!

Check them out...worthy of a punt.

Mnamreh

Did you teach TANKER how to copy & paste ? if so you have a lot to answer for.

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Sukari Gold Mine Resumption of Operations
Centamin announces that normal operations have resumed at its Sukari Gold Mine.

The illegal unrest and work stoppage commenced as a result of a breakdown in on-going discussions involving general salary increases and other benefits with some members of the Sukari work force. With the co-operation of the Egyptian Mineral Resources Authority, Ministry of Petroleum and Industry Committee of Parliament, all outstanding issues have been effectively resolved and work has recommenced.

Whilst Q1 production and cash costs will be affected by this stoppage,Centamin's full year production and cash cost guidance remains unchanged.

Canaccord note today:
"This morning, Centamin Egypt resumed operations at Sukari having resolved outstanding issues with regard to the increase in general salary and other benefits with the help of the Egyptian Mineral Authority.
On Friday, Bloomberg released an article saying that “Parliament’s Energy and Industry committee recommended reviewing Centamin’s contract in its 50-50 joint venture with the government”. Exclusive Analysis, an independent company that focuses on forecasting political risks, also reported on Friday that ”Egypt’s Parliament is likely to review contracts with mining companies, raising their costs”. We believe these comments relate to the possible removal of Centamin’s fuel subsidy (if removed, we calculate the company’s operating cash costs would rise by c.20% to c.US$700/oz) rather than a review of the concession agreement (taxes or government’s share).

Key points
• Around 650 workers went on strike over the weekend demanding higher pay.
• According to the company, its local labour force already gets twice as much as an average Egyptian worker.
• We had expected production in 2012 to be second-half weighted (ratio 44% to 56 out of 250Koz guidance). We understand the strike is likely to result in lower production in Q1/12, but the company will be able to catch up later in the year. The company has reiterated its production guidance of 250Koz (in line with our estimate).

We expect political risks to remain elevated over the year with a potential to abate in the second half post the presidential elections. Given the company is due to start paying its 45% share of profits to the government next year (increasing to 50% in 2015), we expect any negative noise in the local media in relation to the company to fade away.

still looking for my 70p wil it be this week

Why not make it 75p ?

I prefer 70p

when is final results any one

Last year AGM was 26th May, so I assume results are signed off around that date.

thanks harry i am now looking to buy

Think I may hang on a little longer to add. Seems to have firmly broken down through the 80p level.

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looking sick

But still not 70p yet , TANKER

the only good thing is we no the reason for it falling

and still falling we no why

do you? ..... more sellers than buyers perhaps

still falling cynic you no why they are dropping it is down to who is running the country we will see 50p i think now

gold has also somewhat lost its sparkle which is no doubt more to the point ..... POG is a regular disappointment in this sector

Would be tempted to buy more sub 70p. The only worry is more conflict in the Middle East, which is bound to affect sentiment in neighbouring countries.