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.

it's partly for that reason that i think POG is currently a very good buy

How can I superinpose [ if thats the right word ] the price of gold onto these charts ?

I don't know about that,but the 2 charts over the same period show the performance of POG and CEY in reverse order

Minesite presentation today,from post 205.

From The Times October 13, 2009

In the know: Centamin Egypt; Keller; Whitbread Recommend? (1) Gilts

Yesterdays times.

Rumour of the day

Centamin Egypt rose 1p to 114p after Bank of America Merrill Lynch started covering the gold producer with a buy recommendation. The broker said that the group had one of the largest gold deposits not owned by a large producer and that, as such, it could become an attractive takeover target if its production schedule progresses smoothly.

cyril

Will be interesting to see what impact moving to the main list will have too.


Centamin set to move to Main Market
Business Financial Newswire
Centamin Egypt says its shares will cease trading on AIM and simultaneously move to the London Stock Exchange's Main Market on or around 5 November.

This is progressing like steps in "the giants causeway" (Northern Ireland),...shot up this morning...

Any special reason?

Maybe the Main listing coming up? Plus gold moving up again, who knows but all good.

Merrill Lynch put a price of 190p on it.
vyril

Centamin selected as one of the Gold Miners to hold by Jim Slater in Friday's Money Week

From the telegraph'

Centamin Egypt shares have rocketed up by 13pc since last Wednesday (even after falling back slightly yesterday). A bid is very likely. Centamin controls one of the largest gold resources in Africa not held by a major miner. Yesterday's rumour was that Canada's Eldorado is stalking the company. AngloGold Ashanti is perhaps a more likely bet. Any price is likely to be north of 150p a share, valuing the company at more than 1.5bn. Hold on for further gains, reckons the Telegraph.

Not helping in Aussie,down almost 7%.
cyril

Perhaps because they have just applied to delist from rhe aussie SX.The move has been apparently triggered by the fact that only 2.2% of trades are triggered by the ASX

That's one reason, but the market has turned sour...might just be a bad, very bad couple of days...in fact I have not one single riser today, not one...CEY and AFR amongst others looking cheap....

Niceonecyril,
I couldn,t find the Telegraph bid talk that you referred to.was it todays paper?

CP i picked it up on another board,can give you the address latter but its a bit long winded. Genuine article.
One of 3 thats blue today.
cyril

took profit here yesterday as a precaution, but just bought back in slightly lower (129.75) ..... a lot of potential biz lined up here (see L2), and far more heavily bid than offered

mhere it is,i just c&p'ed the article..

Telegraph reckons there is a bid on the way...

http://www.digitallook.com/cgi-bin/dlmedia/security.cgi?csi=48227&action=news&story_id=3084924
cyril

Found the bid rumour in Tuesdays' Questor column.

And,here it is.

Centamin Egypt

129p -2p

Questor says Hold

Centamin shares have rocketed up by 13pc since last Wednesday (even after falling back slightly yesterday).

The jump prompted the gold producer to say that it is not aware of any undisclosed information that might explain the biggest gain in its shares for five months.

Centamin is graduating from Aim up to the main list on November 5, which has likely attracted some new investors.

It will also shift from being a developer to a full-blown gold producer in November.

The stock is championed by hedge fund Paulson & Co, which made a packet shorting sub-prime and is therefore closely followed by other investors.

Then there is the gold price, which is still comfortably above the $1,000 mark, at the lofty price of $1047 an ounce.

A bid is very likely. Centamin controls one of the largest gold resources in Africa not held by a major miner. The Sukari mine is one of the largest gold projects to be discovered in the past 15 years, so all of the major gold mining groups will be giving it the once over.

Merrill Lynch is thought to have been showing fund managers around the site last week, further fuelling bid speculation.

Merrill is not the advisor; Centamin is still under the stewardship of its Aim Nomad Ambrian. But the investment bank would probably dearly like to take on that role when Centamin outgrows its current advisor.

Yesterday's rumour was that Canada's Eldorado is stalking the company.

AngloGold Ashanti, which is listed in London, New York and Johannesburg among others, is perhaps a more likely bet, as it is much larger and already has significant projects in Africa.

Any price is likely to be north of 150p a share, valuing the company at more than 1.5bn. Management are thought to be willing to sell but not at current levels.

Centamin is one of Questor's picks of the year, chosen when it was languishing at just 42p. It has since soared by more than 300pc. Hold on for further gains