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.

Westhouse Securities Buy 52.85 52.75 65.00 65.00 Upgrades

2013 Production Guidance Update

2013 Production Guidance Update

Centamin is pleased to advise forecast production for the year 2013 from the Sukari Gold Mine of 320,000 ounces gold at a cash operating cost of US$700 per ounce with fuel at international prices This represents a 22% increase on the production delivered in 2012 and will mark the third successive year of output growth at Sukari on the path towards our long-term target of 450-500,000 ounces per annum from 2015 onwards.

The Stage 4 expansion project has experienced some delays for key items, materials and services. We now anticipate the bulk of commissioning activities of the expanded plant will commence during the second half of 2013, although there is no change to our expectation that the plant will be fully operational before the end of the year. Partly as a result of these delays, as well as general cost inflation, our estimate for the total capital cost of Stage 4 is now US$325 million, including contingency, as compared with the previous US$287.6 million, excluding contingency.

We look forward to providing our results for the year ended 31 December 2012 on 27 March.

Share price is very strong this morning breaking out from previous intraday highs

L2 is supper strong, on the buy order side is twice the size of sell

A tick up this morning.

Intraday chart

Retracement done, up again and testing 58p once more

Has been holding well despite the market mark down, for the last 30 minutes there is a slow movement up, could be looking for the best of the day again

.

Nice pick up +15% - no news as yet.

is on the way up on expectations positive outcome of the court case today

A big spike to 71p a bit earlier

Court Ruling Suspended

Court Ruling Suspended

Centamin is pleased to note that the High Administrative Court of Egypt has today made a ruling suspending enforcement of the judgment issued by the Administrative Court on 30 October 2012 until a final decision on the merits of the appeal is given. This judgment supersedes the notice of "objection to enforcement" which has been in place since 31 October 2012 and effectively allows normal operations at Sukari to continue throughout the appeal process.

Today's hearing and decision was not on the merits of the appeal and as yet no date has been set for the initial hearing in this respect.

easy up easy down and back to square 1
sold and wait for another opportunity in the future

Centamin welcomes suspension of court ruling

Centamin has welcomed the High Administrative Court of Egypt's decision to suspended a judgment issued by the Administrative Court on 30 October 2012 until a final decision on the merits of the appeal is given.

This judgment supersedes the notice of 'objection to enforcement' which has been in place since 31 October and effectively allows normal operations at Sukari to continue throughout the appeal process. Centamin says the decision was not on the merits of the appeal and as yet no date has been set for the initial hearing in this respect.

what strange gyrations! .... glad i'm not invested here, but shall continue to be an interested observer

has been up and down lately but results tomorrow

share price on the up now.
I am in ahead of good figures

now starting to motor

Apparently Hamdy Fakharany has been arrested.

Annual Results

HIGHLIGHTS FOR THE YEAR (1) (2) (3)

Centamin delivered strong operational and financial results in 2012, producing 262,828 ounces of gold (2011: 202,699 ounces) and generating profit after tax for the year of US$199 million (2011: US$194.0 million). Through the Group's emphasis on rigorous cost control, Centamin has continued to reap the benefits of the high gold price, and this was enhanced further by its debt-free and unhedged position. Now in its third year of production, the Sukari Gold Mine is highly cash generative, providing EBITDA of US$233.3 million (2011: US$211.4 million), a 10% increase on 2011, and a robust cash and cash equivalents balance of US$147.1 million (2011: US$164.2 million) as at 31 December 2012.

2012 presented some operating environment challenges, however a solid second quarter and a record fourth quarter of production have shown that a substantially larger production profile is achievable for Sukari. This potential for production growth combined with the Group's reserves, a significant expansion programme, a solid financial position, and an experienced team means Centamin is well positioned for 2013, as is shown by the following:

· Basic earnings per share 18.27 cents, up 2% on prior year.

· Record EBITDA US$233.3 million, up 10% on the prior year.

· Full year production was 262,828 ounces, a 30% increase on 2011 and above guidance of 250,000 ounces.

· Cash costs of production of US$669 per ounce (equivalent to US$530 per ounce versus US$556 per ounce in 2011 at subsidized fuel prices).

· Stage 4 plant expansion (to 10Mtpa) commissioning activities began in Q1 2013 with the new power station commissioned in January 2013 and new blowers and compressors to be commissioned in Q2 2013. The bulk of commissioning will commence, and be complete, in the second half of 2013. Expenditure to date is US$228.5 million of the total forecast US$325 million including contingency.

· Centamin remains debt-free and unhedged with cash, bullion on hand, gold sales receivable and available-for-sale financial assets of US$219.4 million as at 31 December 2012.

· Drilling continued at the V-Shear porphyry and commenced at the Kurdeman prospect.

· A gravity survey, aimed at targeting and defining porphyries beneath the wadi sediments was completed late in 2012 with results due in Q2 2013.

· Results in Ethiopia confirm the existence of low grade mineralisation, with drilling continuing.

StockMarketWire.com
Fox-Davies has downgraded its recommendation on Centamin (LON:CEY) to "sell" from "hold" in a research note to investors today. The City broker has reduced its price target on the gold miner to 41 pence a share (formerly 44 pence). Separately, Investec restated its "buy" rating with an increased 67.5 pence a share price target (up from 67.1 pence) while Societe Generale stuck with its "hold" call on the stock and a 55 pence per share price target. Yesterday, Westhouse Securities reiterated its "buy" recommendation with an unchanged target price of 65 pence while Canaccord Genuity reaffirmed its "speculative buy" rating and 90 pence a share price target. Despite today"s downgrade, 64 per cent of brokers continue rate the shares as a "buy" (or equivalent), according to Broker Forecasts consensus data.

"balearic man" may well have called this one wrong

hmmm shame ethiopia only low grades to date - look to buy at 35 - 40 range here - surprisingly high contingency for stg 4 plant - and not fully explained exactly what it is wanted for - heyho