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.

Hey ?.....this could go down to 30p......

I bet trading will be suspended !...

makes a change from being told that you can never trust a Jew!

it looks as though it is already suspended at ~55p ..... it seems to have been about 10p lower than that at some point

Still no RNS - I was quoted 44.1 - but didn't take it!

No its still trading - it just keeps lurching from auction to auction - just been quoted 55.82!!!

Bound to happen......total lack of respect for international trading laws.....Egypt for whom the people I have great respect will be in serious trouble with the rest of the world....

Well Tankers not very happy with them :-)))

If the appeal court rules the same way then you are looking at 10p or 100p......you might as well put a bet on a football game ....if you buy now : take a few pennies rebound and exit before possible suspension...sp not low enough for me...

meanwhile, those who were short look to be piling back in ..... i think i'll just watch!!

Closed now.

Temporary Suspension Centamin Plc

The Financial Services Authority ("the FSA") temporarily suspends the securities set out below from the Official List effective from 30/10/2012 10:00am pending an announcement:

Isold out months ago would NEVER trust muslims .
if they do take over the mine then EGYPT will become uninvestable
which would destroy them

If the suspension lasts until appeal court decision : ouch !....

remember what the brotherhood leader said he wants to return the country back 200 years for the good of its beliefs in the koran. and forbid riches for the poor .
these statement was there for all to see

My guess is that the mine will keep producing as the egyptians won't want to lose the revenue. I assume this is all to do with the state portion of the ownership and the favourable terms which they have voted in for themselves. My neighbour who is egyptian reliably informs me that corruption is still rife amongst the wealthy and it wouldn't surprise me if the appeal is successful, with the assistance of a bribe or two.

.

HC, with that scenario in mind, just imagine, they
would pocket a packet if they bought low today,
if they know what is afoot behind the scenes.

Market update
Centamin notes media reports this morning that its Concession Agreement to extract gold from the Sukari mine has been annulled.

Comments reportedly made by an Egyptian administrative court this morning have given rise to speculation that parts of the Concession Agreement may have, in fact, been suspended. However at this time, no details of a final decision are available and no written judgement has been given.

Centamin confirms that it is not a party to this case, repeats its view that the concession as law 222 of 1994 remains valid and that the court does not have jurisdiction to cancel it.

The Company will inform the market further as soon as more information is available. In the meantime normal mining operations continue.

Not sure how to take this as cey has consistently adopted an ostrich pose on the whole matter. The court proceedings are certainly relevant and price sensitive but cey has always ignored it until compelling media/market events force a response. IMHO any reputable organisation would at least update the market to some degree before the event especially as here cey believes the proceedings are irrelevant. Getting your point of view in first is always better than the now defensive posture.

Centamin will clearly challenge the ruling. It may win. But can you ever view this stock in the same light again? It will now, for years, trade at a huge discount to fair value since investors will (correctly reason) that at any time there might be another legal or political threat to ownership. In a worst case scenario Centamin will lose this asset.

I warned you that this would happen. If the shares are unsuspended I would – whatever the company says – sell and switch to a safer gold play.

get your money back buy PGD they are cheap and will be bought out in 12 months
22p