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.

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).

.

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

.

Broker forecasts

Date Broker name View Closing price Old price target New price target Broker change

13-Dec-12 Westhouse Securities Buy 27.70p 85.00p 85.00p Reiteration
13-Dec-12 Investec Securities Hold 27.70p - - Reiteration
29-Nov-12 Westhouse Securities Buy 59.50p 85.00p 85.00p Reiteration
14-Nov-12 Westhouse Securities Buy 70.50p 90.00p 90.00p Reiteration
05-Nov-12 Westhouse Securities Buy 74.55p - 90.00p Reiteration
25-Oct-12 Citigroup Buy 99.70p 120.00p 136.00p Reiteration
15-Oct-12 Goldman Sachs Buy 99.05p 190.00p 200.00p Reiteration

Centamin has claimed its mining operation in Egypt will be restarted within the next few days after permission to restart gold exports was granted, sending its shares soaring by 22pc.

Centamin operates Sukari, Egypt’s only modern gold mine, which it was forced to close last week after disputes with government authorities over gold exports and fuel subsidies.

Management ceased mining after exports were stopped by customs officials, cutting off the company’s source of working capital. A dispute over petrol subsidies also left the mine low on diesel.

However, mining will now restart when the payment for the next gold shipment is received by Centamin’s operating company. “We expect both fuel supply and normal operations at Sukari to resume in the coming days,” Centamin said.

telegraph / Centamin-soars-as-gold-exports-restart

-------------------

“We will resume operations within a few days. It is a matter of getting workers back to the site and securing enough levels of diesel to restart our operations,” chairman of Centamin plc, Josef El-Raghy, told Daily News Egypt."

daily news egypt 2012/12/17 /centamin-to-resume-operations-shortly/

edited

Gold shipment

It was flown out Sunday afternoon/night on a KLM flight to Amsterdam and then on to Canada, so I heard.. 16 containers..

2 days chart

....and your contribution to the CEY board is?

Think he/she is having a senior moment.,.

Guess it was meant for the CYAN thread.

Liberum reinstate Buy rating

"Centamin made its first shipment of gold yesterday leading us to reinstate our BUY recommendation (previously Under Review pending clarity)" says Kate Craig at Liberum Capital.

Fuel supply is expected “in the coming days” once gold sales have replenished working capital and subsequently, normal operations are expected at that time.

"We are still awaiting clarity on the court appeal case but CEY notes today that it continues to have the backing of the Egyptian Mineral Resources Authority.

"We expect FY’12 consensus downgrades to follow based on c.1 week’s lost production and while this may lead to a (limited) flow on effect into FY’13 its unlikely to have a material impact on our 118p/share target price," says Craig.

The Expert View: Centamin,

Back to ‘normal’ for Centamin

‘It is back to “normal” for Centamin (CEY.L),’ commented analysts at Westhouse as the shares yesterday continued to recover from last Thursday’s sudden 50% drop.

The company has now resolved both of two issues which had spooked investors last week: it has resumed gold exports form its Sukari mine in Egypt, while it expects its fuel supply to resume ‘in the coming days’.

While the shares managed double digit percentage gains on both Thursday and Friday, they remain 10p shy of the 52p price before Centamin announced the threats to its fuel supply and exports.

Westhouse analysts Nick Hatch and Rob Broke said: ‘We believe that provided operations resume in the next few days, the company could still meet its 250,000oz target for 2012.

‘We will review the cost of capital that we use in our Net Present Value analysis for Egypt (currently 16% nominal), but otherwise it is back to 'normal' for Centamin.’

citywire - money/the-expert-view - centamin-rockhopper-exploration-and-aggreko

.

RE: Court case today

centamin/investors/courtcaseqanda

it's quite a tempting short, as in many ways, too far too fast and there'll be many who'll want to bank profits before the hols - but suspect i'll resist the temptation

almost recovering all the share price fall this morning ...........

Done deal, 2nd Jan date to inform al Fakhrani.

Decided "the Third Circuit examined" the Supreme Administrative Court postponed the appeals filed by the company Pharaonic and the National Authority for Mineral Resources, the judgment of the Court of First Instance "Administrative Justice" for the engineer Hamdy Fakharany member of parliament former invalidity contract for exploitation mine diabetes session 2 next January to notify the challenged against him.

The court had refused to end the work of the Convention concluded between the Ministry of Industry and Pharaonic Australian gold mines, where it can not be confirmed in any way to blame the company alone, stressing that the aspects of Alawar, responsibility and Userha rests with the administrative side, "government"

The Court stated in its ruling aspects Alawar which marred the agreement with the company Pharaonic, both in the research phase or the exploitation phase, where it considers it can not in any case be downloaded to the contractor - regardless of nationality - but falls and diminished and responsibility rests with the administrative body "government "based on the management of the facility

And confirmed that the main aspects of Alawar extreme weakness that characterized the legal architecture of the provisions of the Convention, and the widening spaces lookup zones, which approached an area of ​​5380 square kilometers, in areas as far apart, giving the company Pharaonic right to search, without rationing mechanisms adequate to ensure the seriousness company in operations Find, with the exception of a sum of money the company spends annually, mostly spent on staff salaries and allowances of moving, etc., which are not related to the technical work required to ensure the seriousness of the search process

As court based its ruling, the report of the Joint Commission People's Assembly dissolved, and reached the actual control and operation in the implementation of gold mining and smelting and weight of the company Pharaonic, in the presence of absence raises suspicion and reasons of accountability for the role of the weak played by the Mineral Resources , which represents the Egyptian government in the implementation of this contract, and the result was unfortunate is pronounced by the case papers pain and heartbreak, that whatever proven produced and sold from the output of gold and associated minerals from this Convention shall not exceed the amount of $ 875 million, Egypt got this result by the amount not to exceed $ 19 million only

http://new.elfagr.org/Detail.aspx?nwsId=248166&secid=1&vid=2#.UNGp9OTde_g

re - it's quite a tempting short,

Well then maybe you should have done it,
but I think it was a lot of "MAMBO JAMBO"
on your post, and at the end no ...........

May as well because since the time you posted ( low of the afternoon 39.75p ) it went up close to the open price