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.

Updated Resource and Reserve Statement

Highlights
· Total Measured and Indicated resource containing 13.4 million ounces (Moz) (previously 13.1Moz) comprising open pit resource of 12.6Moz and underground resource of 0.8Moz.
· Total combined open pit and underground reserve containing 8.2Moz, down 19% from 10.1Moz at 31 December 2011 due to mining depletion and increased mining and processing costs associated with a change from subsidised to international fuel prices.
· Open pit and surface stockpile reserve containing 7.7Moz.
· Underground reserve of 2.30 million tonnes (Mt), a 120% increase on 1.1Mt at 31 December 2011.
· Underground proven component of the mineral reserve of 0.52Mt grading 11.4g/t gold provides support that further higher grades will continue to be defined as drilling and development continues.
· Resource and reserve definition continues in parallel with expanding underground infrastructure, targeting high grade areas.

StockMarketWire.com
Canaccord hikes Centamin to speculative buy from hold, target 60p from 38p.

Q4 Preliminary Production Results

Centamin is pleased to announce preliminary production results from its Sukari Gold Mine ("Sukari") in Egypt for the quarter ended 31 December 2013.

Total gold production for the quarter was 91,546 ounces, a 7% increase on the corresponding quarter in 2012 and 8% higher than Q3 2013. This brings full year production to 356,943 ounces, a 36% increase on 2012 and above guidance of 320,000 ounces.

Open pit total material movement decreased 8% from Q3 2013 to 9,642kt and open pit ore production decreased 7% on Q3 2013 to 3,161kt. The run of mine ore stockpile balance increased by 219kt to 1,756kt at the end of the period. The underground mine delivered 174kt of ore, up 15% on Q3 2013.

Quarterly throughput at the Sukari process plant was 1,400kt, a 12% increase on the prior year period and a 4% decrease on Q3 2013, exceeding the nameplate annualised rate of 5 million tonnes for the fourth successive quarter with continued high levels of productivity and availability.

Formal guidance for the current year will be provided during the first quarter.

Canaccord note today:
"Centamin produced a total of 92koz in Q4/13 (vs our estimate of 73koz) and 357koz in 2013 (vs our estimate of 338koz), above the production guidance of 320koz.
Commissioning activities for the Stage 4 expansion (from 5mtpa to 10mtpa) started during the quarter, with minimal impact on production.
2014 guidance is expected to be provided later in Q1/14. We currently forecast 362koz, which looks conservative given today's results.
Impact on the Canaccord Genuity view The results are positive and substantially better than we expected as we had based our forecast on the company's guidance of lower production in Q4/13 versus the average in Q1-Q3 due to the Stage 4 commissioning. It may be the case that Stage 4 commissioning started at the end of the quarter and quarterly production has not yet been affected. This may mean production in Q1/14 is somewhat lower than the average quarterly output in 2013. We currently expect 76koz in Q1/14 (vs 89koz quarterly average in 2013), which already looks fairly conservative.
Underground production has continued to deliver higher volumes with the annualised rate of 696kt achieved in Q4/13, well above the 600ktpa guidance.
The processing plant continued to run at above its annual capacity of 5mtpa.
Valuation - We maintain a Speculative Buy recommendation and 60p/share target price. In 2014 we expect a shift to positive FCF and the final court ruling on the license appeal, which we expect to be positive for Centamin.
Our target price is achieved after applying a 0.8x target multiple to our NAV estimate of 76p using Canaccord Genuity's gold forward price deck. Our target multiple is based on a comparative analysis of gold producers under our London coverage with a number of quantitative and qualitative parameters used (please refer to our separate note "New framework for the New Year" published on 20 December).
Share performance catalyst
Financial results (Q1/14) and a final decision on the court appeal against the decision to suspend Sukari's mining license (2-14)."

StockMarketWire.com
Centamin's documentation for its recommended takeover offer of Ampella Mining has been lodged with the Australian Securities and Investments Commission and Australian Securities Exchange and will be sent to shareholders today (13 January).

The bidder's statement and target statement are available on the Centamin website at www.centamin.com.

Liberum Capital Buy 46.62 46.62 - 63.00 Retains

StockMarketWire.com
Investec has moderated its recommendation on Centamin (LON:CEY) and moved to an "add" stock rating (from "buy"), given the reduced level of potential upside after applying its revised commodity price assumptions to its stock valuation. The broker has cut its price target to 46 pence per share (from 51 pence) which, with the shares currently changing hands at around the 46 pence mark, suggests a forecast total return of 4 per cent.
Separately, Canaccord Genuity and Liberum Capital repeated "speculative buy" and "buy" recommendations, yesterday, with Canaccord cutting its price target to 53 pence a share (from 60 pence) while Liberum set a target of 63 pence.

the referendum in egypt, just concluded, is forecast to show strong support for the anti-MB faction which must surely be good for international confidence
one would hope that the result is also a reflection of genuine popular sentiment and that the protests (for sure there will be some) will be minor and short-lived

with that in mind, CEY may be worth revisiting, even if it is in the most unfashionable gold sector

having just spoken to my chap in cairo, he reminds me of possible (probable) demos on 25th january, being the anniversary of the revolution .... i suggest it would be prudent to hold fire until after that

Market Update

2014 Production Guidance, Sukari Gold Mine Exploration Update and Site Visit

Centamin is pleased to advise forecast production for the year 2014 from the Sukari Gold Mine of 420,000 gold ounces at a cash operating cost of US$700 per ounce. This would represent an 18% increase on 2013 production of 356,943 ounces and would become the fifth successive year of output growth at Sukari.

The Stage 4 expansion project is currently in the commissioning phase and throughput is expected to steadily increase during the year providing the ability to deliver on our long term production target of 450-500,000 gold ounces per annum.

A key component of the Centamin production profile is the underground operation. Exploration drilling from underground is ongoing with UGRSD0041 encountering significant mineralisation of 10m @ 162g/t Au (Table 1).

This intersection is located on the foot wall contact of the porphyry 20 metres below the existing Amun workings at the base of the recently reported Indicated resource for the Underground. As such this does not form part of the recently reported Underground Mineral Reserve.

Further drilling in this area is ongoing and while results are still pending, core from subsequent drill holes is similar in appearance and geology to the core from UGRSD0041 adding to the confidence that underground resource and reserve growth will continue.

3 Feb: Numis Securities reiterates: Buy - TP raised from 60p to 70p.

centamin on a mission today

This may have some bearing.

Egypt government resigns, paving way for Sisi to seek presidency

This company looks too good on paper...

.

OMI up as well...(for minnow lovers)....

Pike loves minnows
Stupid boy :-)

CEY could be targeted by insurgents unless the army keep a presents there

Yes... uncle arfur....

Stupid boy