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.

Centamin has no hope, operating in a country where corruption is rife and economy is dead and the people does not help themselves.

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CEY getting sicker and sicker by the minute

you could level that sort of crap at any number of countries .... in fact, there's many many more who are far more corrupt and blatantly so

TANKER

I told you not to buy at 70p, now you are 2p down

Citigroup cuts Centamin PLC price target to 99P from 110p

Corruption continues while complaints remain low, says report

Daily News Egypt March 28, 2012, 7:39 pm


CAIRO: Corruption remains omnipresent in state institutions more than a year after a popular uprising calling for change and social justice, a report said, noting that filed complaints are extremely low.

In partnership with the United Nations Global Compact and the Siemens Integrity Initiative, the Egyptian Junior Business Association (EJB) held discussions on Tuesday on the role of private companies in fighting corruption in Egypt.

In the presence of several members of parliament, business officials from the private and public, as well as civil society groups, EJB presented their studies on the impact of corruption on business in the country.

“One of the reasons that the Jan. 25 Revolution [happened] was wide-spread corruption; private companies faced an unbelievable amount of corruption from public sector,” said Omar Sabbour, chairman of the EJB.

EJB’s study found that whether paying for licensing, registration or documentation, businesses and citizens are often forced to bribe employees in state institutions due to poor oversight and monitoring.

“Anyone who is thinking about the future of Egypt now must put tackling corruption as the first and foremost issue on their mind,” Sabbour stressed while addressing members of parliament and professionals of various industries in Egypt.

The EJB task force in partnership with the UN and Siemens launched the initiative, which began studying the factors behind corruption in the private and public sector in December 2010, prior to last year’s Jan. 25 uprising.

Despite the uprising, which was sparked by widespread corruption that made its way through almost every public or private institution in Egypt, the problem is still omnipresent, according to Mohamed B. El Sawy, head of the anti-corruption task force at EJB.

As the country continues to deal with an economic and political crisis, Egyptians will also have to focus on fighting corruption, he said.

“There have been several political forces in power who tried to [influence] the credibility and transparency of our studies on the issue of corruption in the country,” El Sawy said.

The EJB has been trying to also investigate corruption within the private sector as well.

EJB’s task force found that several business officials as well as civilians fail to file complaints regarding corruption or bribery because they fear consequences on their businesses and reputations.

“Businesses also don’t file complaints because very few people receive a response from the government or police officials,” said El-Sawy.

Therefore, the law must be changed.

“There is no law in Egypt that protects witnesses or those who file complaints against corruption or human rights issues. Many of those who file these complaints end up being hurt for doing the right thing,” said Ghada Moussa, director of the governance center at the ministry of state for administrative development.

Not only must laws be changed, but also there must be substantial monitoring and oversight within all public institutions, including colleges and universities.

“We must have internal monitoring in every ministry in the country and there must be cooperation, but instead, often times we found that ministries make conflicting decisions,” said Mohamed Mohieldin, head of steering committee of EJB and one of the panelists.

However, despite the effort of EJB’s initiative, not all private sector companies are in favor of the anti-corruption movement.

“Not all the private sector has been supporting this initiative; some are benefiting from corruption,” said Ghada Darwish, EJB board member. “We must implement penalties for those involved in corruption.”

that last post about sums it all up univestable country
and would not go there on hols not safe

TANKER

So you didn't buy @70p

Questor/Telegraph: Hold

http://www.telegraph.co.uk/finance/markets/questor/9174441/Questor-share-tip-Hold-as-Sukari-woes-continue.html

aid to risky and you know why

Are we there yet?

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More unrest ahead... from the Brotherhood.


You can forgive Egyptians for concluding that the Muslim Brotherhood cannot be trusted.

After claiming that it is not trying to control parliament, that it favours consensus over monopoly and that it would not field a candidate in the presidential elections, Egypt’s most powerful political movement has broken all its promises.

Scepticism about its intentions was already rife last week after the Brotherhood packed the elected panel charged with drafting the post-revolution constitution with devotees. The move provoked a walkout from the panel by representatives of liberal parties, the constitutional court, the Coptic Church, and even al-Azhar, the centre of Sunni religious authority.

Then the Brotherhood dropped a bombshell at the weekend with a decision to nominate Khairat al-Shater, its strategist and most formidable leader, as its candidate in the May 23 presidential election.

The movement’s brazen push for power is a dramatic departure from its decades-old approach of cautious, gradual politics and its more recent preference for sharing in the responsibility of ruling Egypt’s 80m people.

No wonder that even those who supported the decision within the movement reached their conclusion reluctantly. “We know it looks like a power grab and that worries a lot of people but we were cornered. It was the only decision available,” says one official close to Mr Shater.

Brotherhood officials say two considerations swayed the vote in the elected shura council of 56 for fielding a candidate and 52 against.

The first was a growing suspicion that the ruling military council was manoeuvring against the Brotherhood and would back a presidential candidate who will serve its interests. The second was that the movement could not agree on backing a candidate already contesting the vote.

The Brotherhood sees Amr Moussa, the former head of the Arab League and, until now, the frontrunner in the race, as too closely associated with the former regime; it is alarmed by the rise of Hazem Abu Ismail, the ultraconservative Salafi preacher whose candidacy has been gaining momentum; and it worries about the ambitions of Abdel Moneim Abul Fotouh, a reformist Brotherhood leader who was expelled from the organisation when he decided to run for the presidency last year.

By seeking to control all the country’s institutions, the Brotherhood has taken a huge gamble. Mr Shater is a strong candidate who will win sympathy for his 12 years in jail under the regime of Hosni Mubarak. But his victory is by no means guaranteed. Some analysts say his candidacy will split the Islamist vote and favour Mr Moussa: others argue that he lacks a public persona that can appeal to voters.

And while defeat would be embarrassing for the Brotherhood, victory also carries tremendous risk, handing an organisation with no governing experience full responsibility at a time of deep economic malaise and exceedingly high popular expectations. Controlling Egypt’s institutions could also have harmful regional ramifications, convincing remaining autocratic regimes in the region, and the weaker liberal democratic forces, of the Islamists’ determination to dominate, rather than share, power.

“The Brotherhood is going into uncharted territory here,” says Shadi Hamid, expert on Islamist movements at the Brookings Doha Centre. But the Islamists’ overriding objective, he adds, is to end to military rule, even at the cost of undermining their credibility. “The Brotherhood doesn’t want to have 30 years of war of attrition with the military, they want the military out of public life,” says Mr Hamid. “If they solidify their position [with the presidency] no one will be able to turn against them again.”

62p!!! Not good and little hope on the immediate horizon. Talk in the sunday papers of oil & copper being the best commodity investments for 2012/13, whilst gold may have had it's day.

Q1 Preliminary Production Results

Total gold production for the quarter was 49,071 ounces, a 9% increase on the corresponding quarter in 2011. Despite the strike activity that occurred during the quarter, gold production was only marginally below budget; a credit to the operating team at Sukari.

wil buy around 55p

You said you would buy @70p

http://www.huffingtonpost.co.uk/2012/04/26/farewell-intercourse-law-egypt-parliament-dead-wife_n_1455241.html?ref=mostpopular

Three weeks to Presidential elections, so we might hopefully see a resolution to the ongoing conflict soon. As the mine itself seems to be unaffected by the unrest, a stable political regime should see the true value return to the CEY sp.