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.

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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Yes - a small holding (for obvious reasons) but nevertheless welcome.

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I have noticed that these shares plummeted from the sky yesterday = 50%?

However, today they are flying, up 50% at one stage, lots of profit taking, but I can see them getting back in the 50p+ pretty quickly........IMO!

GLA.....Gerponville18

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The sp dropped 50% yesterday due to a dispute that now seems to be resolved; RNS issued this morning 7:00am, stating the dispute has now been resolved.

IMO, I feel it was an overreaction yesterday; the market appears to be of the same opinion, hence the recovery this morning.

The volatility within Egypt has not helped the SP in the last couple of months, but was rising nicely prior to the validity, rising from 70p up to 100p+. Currently = almost 11m buy's......Almost 7m sell's.

I am in for a small profit anyway.......GLA........Gerponville18

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The intraday chart looks like a INVERTED HEAD & SHOULDERS patern, so 38p should be reached before long

intersting times here!!

StockMarketWire.com
Citigroup and Bank of America Merrill Lynch have both downgraded its recommendation on Centamin Egypt (LON:CEY) to "neutral" from "buy" in reaction to yesterday"s news that the company had suspended operations at its Sukari gold mine. Bank of America set a revised target price of 40 pence while Citigroup placed its price target under review. Analyst Jon H Bergtheil said: "Sukari remains an extremely good mine, but its trading levels reflect the high political risk attached to operations. The good assets are located in a country which is going through a very uncertain political period, making valuation and the setting of a target price extremely difficult. If the current fuel and export issues are resolved in the near term, the share price could offer substantial upside, but we are not able to say definitively whether those issues will be resolved in the near term."

more gain on the way ......

Authorities allow massive gold export after week-long delay

Al-Masry Al-Youm / Sun, 16/12/2012 - 20:22

"Customs authorities on Sunday allowed an export shipment of 1,600 kilograms of gold extracted from the Sukari Gold Mine to the Netherlands, where it will be purified and sold in the global market.

Youssef al-Raghy, managing director of Centamin, the mine’s operating firm, said the shipment was halted by customs for a week because the petroleum and finance ministries were sluggish in granting the firm export approval.

He added that the shipment is worth US$70 million. He said the company needs this money as liquidity for its mine project, which employs 1,200 workers.

Egypt previously signed an agreement with Centamin, an Australian company, to extract gold from the Sukari mine, which is the largest in Egypt and located next to the Red Sea.

According to the agreement, Egypt has received 55 percent of the extracted gold since 2012, while its foreign partner has taken the remaining 45 percent."

http://www.egyptindependent.com/news/authorities-allow-massive-gold-export-after-week-long-delay