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.

Take profits quickly because it could last not just a few days but months...

Already closed (for now +9p).

Good money made here this morning, well done skinny.
2517

Big chance of the stock being suspended again....and perhaps not for a short time....

In auction again!

Thanks George, although I must confess to buying some in the November fall - my average price now is @40p.

Wasn't watching early on.... otherwise...I would have done the same...

At the moment, though, it should appeal to those with a talent for poker!

how is it possible that CEY has not paid for fuel supplied since 2009? they seem to have a lot of enemies in high places in Egypt.market cap has fallen from over £1billion to just over £300m.

Well they do 'say' that it is illegal :-

"Centamin advises that it has received an illegal retrospective claim from Egyptian General Petroleum Corporation (EGPC) for LE403 million (c. US$65 million) for diesel fuel supplied from December 2009 until January 2012. "

skin the question is whether they owe the money or not.

It seems a bit academic - they seem to be the 'impala' to the Egyptian version of the African wild dog.

StockMarketWire.com
Centamin Egypt (LON:CEY) announced that had suspended its operations at its Sukari gold mine following a retrospective fuel claim made against the company for $65 million. At 3:41pm the stock was down a massive 47 per cent (or 25 pence) at 28 pence. Broker reaction to this news has been mixed with Canaccord Genuity downgrading their recommendation to hold (from speculative buy) while Numis and Investec placed its forecasts and target price under review. Investec retained its hold recommendation while Numis placed its recommendation under review. Hunter Hillcoat at Investec said: "Centamin Egypt ended the third quarter with a healthy balance sheet that included $125 million in cash, amongst liquid assets totalling $182 million. It therefore has the capacity to withstand a sustained period of care and maintenance. We do question, however, how well political issues are being managed by Centamin Egypt and how long they fester before reaching a critical point." Westhouse Securities maintained its buy recommendation and 85 pence price target but commented: "We will review our recommendation, but clearly in the short-term this is bad news and the share price can be expected to reflect this." Broker Forecasts consensus data highlights that 78 per cent brokers with a recommendation in place are still at buy with the remainder maintaining a neutral stance.

CEY should immediately clarify whether they paid for the oil they have received or not.

i bet it's not even in dispute that CEY did NOT pay, but they will probably argue that it was all part of the deal with the gov't for developing the ine - or some such rubbish

look good for tomorrow if this is true .........

Resolution pending in fuel dispute?

http://www.almasryalyoum.com/node/1309996

Eng Osama Kamal, Minister of Petroleum, ending the dispute between the Petroleum Authority and the company «Centamin, Self franchise diabetic gold mine, which prompted the company to announce the suspension of work at the mine, located near Marsa Alam.

He said 'Kamal', in an exclusive statement to Al-Masry Al-Youm that an agreement was reached between the Petroleum Authority and Centamin about company dues diesel, stressing the government's keenness to encourage investment, and enhance the activity of private companies operating in the field of petroleum and mining.

And demanding the oil company pays 403 million pounds price differences for quantities of subsidized diesel obtained from December 2009 until January 2012, while the company insists on the illegality of the claim to pay the value of the Solar retroactively.

The company Centamin i.e Limited, foreign partners to Egypt in the company Pharaonic responsible for exploration gold mine diabetes Gold, announced earlier to stop operations inside the mine, due to request the General Petroleum Company to pay 403 million pounds a claim illegal retroactively for fuel, which was supplied from December 2009 to January 2012.

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petroleum-minister-sukari-gold-mine-problem-resolved

good fun one to watch, but not to invest either long or short

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Market Update - EGPC Resumes Fuel Supply

Centamin advises that its fuel supplier Chevron has received notification from Egyptian General Petroleum Corporation (EGPC) that fuel supply to Sukari may be resumed and that no retrospective payment is currently due. The escalation in diesel pricing that the company experienced from local to international in January 2012 is currently before the courts and has been for some months. This case will also deal with any retrospective claim.

A further update on the status of gold exports will be provided in due course as this will determine when operations at Sukari may resume.

Mnamreh - A tad relieved!

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