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.

it's a view though i do not believe that will happen, for the reasons stated
but are you recommending shorting the stock - solely in your own invaluable opinion of course?

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and the market thinks you are very badly out of step - or at least it does today!

Centamin soars as Egyptian fears ease

Liberum note:
Centamin has now received a copy of the official written judgement of the decision of the Egyptian administrative court handed down on Tuesday 30 October 2012. Centamin state the official written judgement makes it clear that it rejects any request to terminate the Concession Agreement. The judgement makes it clear that Centamin had made the necessary notifications in accordance with the Concession Agreement. Centamin notes the judgement states that sufficient evidence was not submitted to Court in order to demonstrate that the requisite approval from the relevant Minister had been obtained, and thus the court deemed that the process of the conversion to an exploitation lease was invalid. However, Centamin states that it is in possession of the executed original lease documentation which clearly shows such approval from the Minister of Petroleum and Mineral Resources. It appears that this document was not listed in the documents supplied to the Court. As such the Company is confident that this matter can be resolved during the appeal process.
On this basis, we have increased confidence in a positive outcome for Centamin in the inevitable appeal process and reinstate our BUY recommendation.

hyleo has been his usual forthcoming self when it comes to answering specifics

very happy to see these go back up for holders good luck
I do not hold .

5 Nov: CEY: Westhouse Securities reiterates: Buy TP: 90p.

I could be wrong as it's going up but I think investing in CEY is very risky. And cynic, I don't sit here every minute all day long like you (a retiree).

i'm afraid i have not been allowed to retire even if i wanted to - which actually i do not as i have too much fun in biz

anyway, you have evaded a straight answer - what a surprise! - but i guess you are also suggesting too dangerous to short too

Results for the Quarter Ended 30 September 2012

HIGHLIGHTS1,2,3,4

· Record quarterly earnings, with basic earnings per share 5.53 cents, up 43% quarter-on-quarter and 22% on the prior year period.

· Record quarterly EBITDA $67.1 million, up 22% quarter-on-quarter and 25% on the prior year period.

· Gold production 60,922 ounces, down 10% quarter-on-quarter but up 20% on the prior year period.

· Cash costs US$539 per ounce at subsidised fuel prices; $724 per ounce including fuel prepayments.

· Stage 4 plant expansion (to 10Mtpa) commissioning activities to begin in Q1 2013, with the bulk of commissioning to start in Q2 2013. Budgeted 2013 total ore processed remains unchanged at 6.1 million tonnes. Expenditure to date is US$176.9million of the total $287.6m ex-contingency forecast.

· Centamin remains debt-free and un-hedged with cash, bullion on hand, gold sales receivable and liquid assets of US$181.7 million as at 30 September 2012.

· 2012 production guidance of 250,000 ounces maintained, with cash costs of US$550 per ounce atsubsidisedfuel prices; or US$700 per ounce inclusive of fuel prepayments.

· Drilling continued at the V-Shear porphyry with results to date in the 0.3-0.6 g/t range. A gravity survey has commenced to help define the limits of the porphyry and to test the surrounding areas.

· Initial results in Ethiopia confirm the existence of low grade mineralisation, with drilling on-going.

· Engagement with government on fuel subsidy ongoing.

· Centamin and the Egyptian Mineral Resources Authority (EMRA) continue to work closely to appeal the October 30thAdministrative Court ruling which determined the conversion of the Sukari 160km2 "exploitation lease" invalid. Operations are continuing as normal.

CEY is operating in risky territories...

Hamas leader Ismail Haniyah has issued a pre-recorded statement thanking Egypt for announcing plans to send the foreign minister to Gaza Friday.

"I would like to express my great appreciation in the name of the people," Haniyah said.

"We hope the whole nation, namely Egypt, will take the necessary decisions to deter the enemy....I am following the decisions and the movements made by Egypt and the Arab League, and I express my regret over the position of the United States, which remained siding with the aggression, the occupation, and the killing machine at the expense of our Palestinian people."

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Opposition leaders in Egypt have called for large protests after President Mohammed Mursi passed a decree giving himself sweeping new powers.

The decree states the president's decisions cannot be revoked by any authority - including the judiciary.

It also opens the way for a retrial of people convicted of killings during Egypt's 2011 uprising which toppled President Hosni Mubarak.

Mr Mursi's critics have denounced the move as a "coup against legitimacy".

In a joint news conference on Thursday, Sameh Ashour, head of the lawyers syndicate, and key opposition figures Mohamed ElBaradei and Amr Moussa accused Mr Mursi of "monopolising all three branches of government" and overseeing "the total execution of the independence of the judiciary".

"We are calling on all Egyptians to protest in all of Egypt's squares on Friday," they said.

Mr ElBaradei, a Nobel Peace Prize winner, wrote on his Twitter account that the president had "appointed himself Egypt's new pharaoh. A major blow to the revolution that could have dire consequences".

how pro-fundamentalist is Mursi perceived to be?

The Egyptians, like the Palestinians, have elected for a fundamentalist party to lead their country. Says it all.

Its ok - apparently the new powers are a temporary measure!

no one has answered my question!

President Mursi is considered to lean towards the conservative mainstream of the Muslim Brotherhood.

is conservative in this instance more hardline fundamentalist? ..... if so, it's slightly puzzling that he should have suddenly appointed himself "pharoah"

cynic it has been said this situation is only temporary until a new constitution is in place.