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.

harry buy MRW

(I am, for the divi. Trying to get sub 275p if I can.)

http://www.bbc.co.uk/news/world-africa-17975161

Results for the Quarter Ended 31 March 2012

HIGHLIGHTS

· Q1 gold production of 49,071 ounces from the Sukari Gold Mine ("Sukari"), a 9% increase on Q1 2011

· Cash costs of US$637 per ounce (excluding additional fuel prepayments, see main text)

· Average gold sales price received of US$1,694 per ounce

· Underground mine achieved record quarterly material movement of 71,815t

· Processing plant throughput of 1,020kt, an increase of 38% on Q1 2011 with record monthly mill throughput in January of 415,604t

· Stage 4 (plant expansion to 10Mtpa) continues to progress well and is on track for commissioning to begin in Q1 2013. Expenditure to date is US$99.3 million

· With cash and liquid assets of US$175 million as at 31 March 2012, Centamin remains debt-free and unhedged

· 2012 production guidance of 250,000 ounces maintained, with cash costs of US$550 per ounce at subsidised fuel prices

· Drilling commenced at Una Deriam, the first of Centamin's four exploration licenses in Ethiopia

All looks good. Just the threat of civil war to disappear and we should be back to the 160p level.

perhaps in your dreams ...... for what it's worth, the chart is seriously nasty with a fair resistance indicated at +/-65

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Liberum note today:
"At the end of last week gold dusted off its safe haven status, rising 3.5% from its lowest price since July 2011. A flight from Euro risk, a $15.7 trillion US deficit and re-emerging QE3 expectations have laid the foundations for gold to outperform. At +5% gold is the only major commodity to be up in the last 12 months (oil -10%, copper -15%, iron ore -25%), yet over the period gold producers have been among the worst performing equities, down -50% vs Industrials -30% on average. Gold equities have sold off as: the US recovery and $ strength moderated the medium-long term outlook for gold prices, high oil prices eroded miners’ margins and persistent production misses due to operating and sovereign blips. Mitigants now exist for these 3 key factors and we expect gold price strength to emerge in the coming weeks and months as concern over the Eurozone’s future and US growth forces investors to re-visit gold’s safe haven credentials. Valuations are bombed out with most UK producers trading on sub 10x 2013 PERs, despite net cash positions. We think the entire UK gold space now looks oversold; sector paragon Randgold (-35% in last 3 months) is likely to outperform into a gold rally, POG and ABG offer high operational leverage and CEY’s “elephant in the room” should be resolved this week after Egypt’s elections. "

what will the forthcoming elections bring?

CEY’s “elephant in the room” should be resolved this week after Egypt’s elections. "

How can they say that , it could be good for CEY or not so good , nobody know's until the winner's show their hand.

They actually say 'should be resolved' which doesn't necessarily mean for the better. However, as the markets generally hate uncertainty, a result of any kind should at least pave the way for the brokers to choose whether it is good or bad.

I wonder if this might be worth a short term punt when the elections have taken place? Regardless of the result (assuming there is a clear winner) I would expect the sp to rally.

Harry , it good well be

I've had a small dabble @67.

Looks like the Brotherhood is coming into power in Egypt. The people loves them.

oh dear, that may be the end of possible democracy in the middle east, it certainly doesn't seem to suit the arabs."arab spring" be careful what you wish for.

Not quite up to date :- Egypt election: Rivals claim run-off places

The Muslim Brotherhood's candidate for Egyptian president, Mohammed Mursi, is likely to face former Prime Minister Ahmed Shafiq in a run-off vote, according to partial election results.

More than 11,000 out of 13,000 polling stations have declared results, in the first election since strongman Hosni Mubarak was overthrown last year.

Early counts put Mr Mursi on about 26% and Mr Shafiq at roughly 24%.

Partial results are subject to recounts and final results are due on 29 May.

It is the people's choice given the vote. Maybe democracy is just the choice of the minority.

It causes lots of debates about various issues and internal arguments about islam and politics

It will be good as it stabilizes the country. Egypt will just focus on education and consumtion - so no change.

Is there a second round?

Why are you buying ?