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.

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

It looks as though gold is back on the up,after bottoming at about $1025.Up $20. since on the day at $1045.Fresh highs on cards.

From the Sunday Mail



INVESTMENT EXTRA: Investors strike gold with Egypt's Centamin By Ian Lyall
Last updated at 8:47 PM on 30th October 2009
Comments (0) Add to My Stories It has taken Sami El-Raghy a long, long time to become an overnight sensation. Thirty-nine years to be precise. His gold mining company, Centamin Egypt, takes a full quote on the London Stock Exchange next week, but was first listed in Australia back in 1970.
Only in the past year has the group registered on investors' radar screens, the result mainly of a spectacular 425 per cent rise of the price of the shares in just 12 months.
Demand for the stock has been fuelled by a red-hot market for precious metals and the potential of the firm's major asset - the Sukari gold mine 600km south of Cairo.

Land of the Pharoahs: Shareholders have seen their stock rocket by 425 per cent this year

El-Raghy's is an interesting story. The geologist, who has spent most of his working life in Australia, was invited by the authorities in his native Egypt to consider the potential of a number of mines in the country.
He settled on Sukari, a prospect that had been raked over by the British many years earlier and may even have supplied the pharaohs.
What El-Raghy realised very early on, however, was that Sukari was ripe for exploitation using bulk mining techniques that had been pioneered in Australia. This involves digging out many tons of earth a day to extract minute traces of gold.
So since 1995 chairman Sami and his son Josef, a financier who is now chief executive, have devoted their working lives to turning this seemingly lowgrade desert deposit into the biggest independent gold field to come on stream this year.
Unable to raise debt funding, the El-Raghys have been forced to sell shares in the company to achieve their dream.
But what you now have in Centamin is a fully-fledged miner with the facilities to go into wholesale production by the year-end.
The first 12 months will see it churn out 200,000 ounces of gold, which will rise to 500,000 ounces by 2012.
Let me put that into perspective. Last year the output of Randgold, the largest producer listed on the LSE, was 650,000 ounces.
The sparkling prospects for the company have attracted investment from Paulson & Co, the worldrenowned hedge fund manager. It is the leading shareholder with around 11 per cent, followed by the El-Raghys with 8 per cent and the rest of the staff and management with a collective 4 per cent.
There are a number of blue- chip investors also on the share register including Baring Asset Management, Fidelity, Henderson and Aegon.



Read more: http://www.mailonsunday.co.uk/money/article-1224205/INVESTMENT-EXTRA-Investors-strike-gold-Egypts-Centamin.html#ixzz0VhGhS6E0

Say !, I recommend a sundae in the mall !.

Buy, buy buy Centamin!

Gold has just spiked to new record high of $1078.
Price should soon be in positive territory

Centamin Egypt Limited (UK): Transfer to Main Market

in response to hyleo (232), and because it was irresistible and puerile ...... CEY for short, short, short!

It does sound a bit like a football match. Let's hope that it is not the American gridiron variety!

I always thought it should be Buy Low, Sell High or Sell High, Buy Low!