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.

re - you and I think along similar lines

I heard you two falling in love online many times already

You two also wear the same dress code black and a hat most likely

From the TELEGRAPH

CEY - Questor
Questor share tip: Strife presents buying opportunity at Centamin Egypt

Events, dear boy, events, was Harold Macmillans supposed reply to a journalist when he asked what he most feared. As BP learned last year, unpredicted events can have a significant effect on a company's share price. Now its the turn of Centamin Egypt to suffer a share price plunge. Questor upgrades the shares to buy.

By Garry White 12:26PM GMT 27 Jan 2011
Centamin Egypt 135.9p -0.8
Questor says BUY

Centamin has been a very successful Questor tip since its initial recommendation, but things have gone slightly sour in the last few weeks.

The company operates Egypts first modern gold mine at Sukari and social unrest in North Africa has spread to the country from Tunisia. This has prompted investors in the company to run for the door, concerned that it has just one asset, making it particularly vulnerable.

Sukari is located about 750 miles from Cairo in the Eastern Desert southwest of the Red Sea coastal town of Marsa Alam. The riots have ignited fears that the Mubarak government could be overthrown causing the rioting seen over the last few days to accelerate.

Brokers have argued that the fall has presented a buying opportunity in the shares although they concede that there could be more downside

The impact on Centamin will be minimal, mining analysts at Fairfax said. The employees are well paid and well catered for and much of the strife centres around Cairo, hundreds of miles away.

Economists at Merrill Lynch believe that whilst protests and tensions could continue, any risk of regime change in Egypt remains low. However, it does believe that newsflow centred around the trouble could continue to impact the shares creating a particularly attractive buying opportunity.

Despite the risks that come with a company owning a single asset, there is a very strong fundamental story underpinning an investment in Centamin.

The company is scheduled to release an update on its fourth quarter next Tuesday, in which it is expected to show a significant acceleration in quarter-on-quarter gold production.

BofA Merrill Lynch expects that fourth quarter production will come in at between 50,000 to 60,000 ounces, compared with 30,243 ounces in the third quarter. Centamin has been rectifying problems at its milling operation, which should improve the grade of the ore.

There is also exploration upside and we will hear results of new drilling later this year. There is an analyst visit to the site planned for next week as well, which is likely to result in positive newsflow.

The shares have plunged from just under 180p at the start of January to 135.9p now. They had already been drifting from their all time high of 197.1p in November as the gold price eased.

Questor has had a hold recommendation on the shares since September last year when they were at 168.8p. They have been recommended as a buy as high as 159.75p, but were initially tipped at 42.5p on January 5 2009.

They are trading on a current year earnings multiple of 9.9, falling to 7.7 next year. The company does not pay a dividend.

Questor also thinks the falls are overdone and the shares are now once again a buy, although the investment should be regarded as speculative because the situation in Egypt could get worse before it gets better. The shares are not for widows and orphans, but it looks like a good buying opportunity has presented itself.

Egypt unrest: Alert as mass protests loom

Egyptian security forces are on high alert, with thousands of people expected to join anti-government rallies after Friday prayers.

The government says it is open to dialogue but also warned of "decisive measures" as the fourth day of violent protests loomed.

Widespread disruption has been reported to the internet and mobile phone messaging services.

Baring Asset Management Limited aggregate position increased to 7.2609%

Rising now....looking good from 130p.....

You jinxed it, rf!

The recomendations are reaching city desks also >>>>>>>>>

Centamin Egypt upped to buy from sell at Citigroup, target rising to 165p from 158p

going places now best of the day, on a stronger order book on the bid side 918K V 880K earlier was stronger 942K v 850K

   

TANKER - 27 Jan 2011 12:56 - 561 of 581
I did tell you under 100p on way.

Egypt unrest: Police clash with protesters in Cairo



Police have clashed with thousands of protesters demanding the resignation of President Hosni Mubarak in the Egyptian capital, Cairo, after Friday prayers.

The police fired tear gas and used water cannons to disperse the crowds, who responded by throwing stones.

People also took to the streets in the coastal cities of Suez and Alexandria.

The government has said it is open to dialogue, but also warned of "decisive measures". There has been disruption to internet and mobile phone services.

Am happy to stay out of CEY for the moment. Looks like the military will be in charge for a while when Mubarak and his entourage go. Will be interesting to see if they allow democratic elections to be held and also if they can, or want, to keep out the Muslim Brotherhood. Jordan, Algeria, Syria, Yemen and Morocco are all candidates to suffer the same fate on the back of all this unrest, so it would seem that these troubles are due to continue for a while.

So what's the CEY price going to be tomorrow ? i say 128p

my buy at 168 was lookin sooo good..........if it's going to happen it'll happen to me.,.

just sit old sport .... sp may opr may not be down tomorrow but sooner or later the disturbances in egypt will come to an end and CEY may (should?) then recover on the back of its own merits

will do, hope northsea to come good very soon and even rkh might surprise.,.

Damn.....pulling back....will have to sit it out....looking like a great bargain at these prices....

RF - concur with all sentiments ..... trouble with "looking cheap" is that often that can turn into "cheaper still" and so refuse to be suckered in further ..... instinct is that this is now near the bottom (though bottom could be 120 or even 110), but need someone like PTH to work out whether there is any logic to my thought

Surely this has to do with political uncertainty, not support and resistance levels on a chart? Until the egyptian problem is sorted and the Suez canal is secure for marine traffic, I would expect the CEY sp to keep dropping. The egyptian stock market also seems to be in a bit of turmoil, even though most of the country appears peaceful, so it's crazy to be trying to catch a falling knife, imo.

indeed, but given that there is a bottom (and a top) to any share movement, sooner or later the sp will be deemed to have (over)accounted for the current problems and buyers will emerge .... at the moment, "fear" still rules

cynic you are assuming the political uncertainty will not worsten, if the civil disorder and violence increases then the military will have no alternative but to act, so it seems calling the bottom for CEY is somewhat premature.