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.

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

Correct as at 13 Dec 2012

Market capitalisation £318m
No. of shares out 1,101m
No. of shares floating 1,025m
No. of common shareholders not stated
No. of employees 1111
Trading volume (10 day avg.) 6m
Turnover 211m USD
Profit before tax 113m USD
Earnings per share 0.10 USD
Cashflow per share 0.13 USD
Cash per share 0.09 USD

Westhouse puts Centamin under review as shares tumble

Nick Hatch, analyst at Westhouse, has put his 'buy' recommendation on Centamin (CEY.L) under review after the miner announced it had suspended operations at its Sukari mine in Egypt.

The shares lost as much as 57% yesterday morning after Centamin announced it was subject to what it called an ‘illegal retrospective claim from Egyptian General Petroleum Corporation for about $65 million for diesel fuel’ and ‘an unforeseen and arbitrary request from customs officials’ that led to its shipments of gold being halted.

Hatch said the announcement is clearly bad news in the short term. Analysts at Investec agreed, saying although the issue would be resolved it more than offsets the upside potential of the group.

Centamin shares at 27.77p on Thursday, down 21.9p or 41.6%. They have lost two thirds of their value this year, valuing the company at £314 million.

CEY

Quotes from Andy Davidson:

“There are five trucks on the road now bringing fuel to site, admittedly that is fuel we have already paid for in advance, but the critical thing is it’s available now,”

Mr Davidson said the claim for US$65 million would be decided in a court case that is now underway.

“The critical question for us now is getting the gold exports going and then we can resume operations properly,”

Mr Davidson said the gold shipment could be given authorisation for departure by Sunday, but admitted it may take longer.

“I think nationalisation is not on the table, that’s my personal feeling,”

“We have been told, repeatedly, by the minister for petroleum that we have his full support and cooperation and we take him for his word on that,” Mr Davidson said, adding the company also had the backing of the Egyptian Mineral Resource Authority.

ft.com

Resumption of Gold Exports

Centamin is pleased to confirm that the halt by customs on gold exports from Sukari has been lifted and a shipment was made yesterday. We expect both fuel supply and normal operations at Sukari to resume in the coming days, once payment for the latest shipment has been received and working capital in the operating company, Sukari Gold Mines, has subsequently been replenished. Centamin will provide a further market update when this occurs.

We continue to benefit from the support and cooperation of the Ministry of Petroleum and our partners in the project, the Egyptian Mineral Resources Authority (EMRA).

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mnamreh, why do you delete your post's on all threads?????? very annoying.,.

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