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.

I don't think working mines are ever closed. Essential maintenace and repairs continue. It's just the extraction process which halts, which means the forecast tonnage is going to be short of it's target, with the knock-on effect to profits.

Contradictory reports on the strike having ended or not. Seems CEY management has a similar approach to industrial relations as the Pharaohs building the pyramids.

Sukari Gold Mine Resumption of Operations

Centamin announces that operations have resumed at its Sukari Gold Mine.

The illegal work stoppage as a result of labour unrest from a small percentage of the Sukari workforce has been successfully resolved to the company's satisfaction with the co-operation of the Egyptian Mineral Resources Authority and the Ministry of Labour and as such work has recommenced.

A further update will be provided with the Q2 Results announcement on 14 August 2012.

Breaking free, Egypt's President Mursi removes generals

(Reuters) - Egypt's Islamist President Mohamed Mursi dismissed Cairo's two top generals and quashed a military order that had curbed the new leader's powers, in a move that further stamped his authority on the country and its army.

There had been much debate over the fate of Field Marshal Hussein Tantawi, 76, who until Mursi's election in June had ruled Egypt as head of a military council since Hosni Mubarak was toppled last year. The timing of Sunday's announcement to replace him as armed forces head was nevertheless a surprise.

MB taking a stranglehold sooner than feared - not good

Results for the quarter ended 30 June 2012

HIGHLIGHTS1
· Q2 gold production reached a record level of 67,422 ounces from the Sukari Gold Mine ("Sukari"), a 40% increase on Q2 2011

· Cash costs2 of US$565 per ounce (US$729 inclusive of fuel prepayments, see main text)

· Engagement on fuel subsidy ongoing

· Average gold sales price received of US$1,610 per ounce

· Underground mine achieved record quarterly ore production of 116kt, a 269% increase on Q2 2011

· Record mill utilisation of 89%, a 7% increase on Q2 2011

· Record mill throughput of 1,269kt, an increase of 49% on Q2 2011 with record monthly mill throughput in May of 453,457t

· 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$138.7 million

· With cash, bullion, gold sales receivable and liquid assets2 of US$183 million as at 30 June 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 continued at Una Deriam, the first of Centamin's four exploration licenses in Ethiopia with drilling results expected in H2 2012

hmm .... sounds healthy enough

I seem to have been holding from 67 forever.

16 Aug: Westhouse Securities reiterates: Buy-TP: 99p.

Mark Bankes - Director

Purchase of 30,000 fully paid ordinary shares in Centamin plc

Percentage of issued class acquired - 0.003%

Price per share - 73.5p

Date and place of transaction - 17 August 2012 - London Stock Exchange

Date issuer informed of transaction - 18 August 2012

Up through the 200 DMA. Confidence seems to be returning to this stock.

It'll get through 80p to confirm a breakout from that level, go long when it pulls back.

6 month high (80.80p).

A close above 80 and 200ma would be useful.

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a good break through that 200 dma ..... hmm

Sold back to the breakout level of approx 80p.

I'm long just from the chart alone. but read back through the RNS today, last results full of record this and record that, plus director buys.

Gold price has broken through the downtrend which started in August last year, which is only going to add to Centamin's profits.

Apart from the location of operations it's hard to see what's not to like about this company. A play on Egypt behaving itself.

Tempted to take the money here - any views?

MB will continue to give grave concerns throughout m/e for many years to come, so pays yer money and takes yer choice ...... my inclination would be to go with a more diversified miner than one with gold as its sole source ..... POG always looks good but is a serial underperformer, so perhaps one of the heavies like VED or RIO or even KAZ

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Gold around $1770 / oz and political situation seems to be settling down in Egypt. I know they are kicking off atm over an offensive video clip, but the CEY mine is in the south of the country and unaffected. I prefer to hang on to my stock for the time being as the chart seems to be turning the corner. Short term there may be a correction, but prefer to hold for the longer term.