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.

Gaddafi is a coward. Next thing is to seize all his assets...


Gaddafi on the run: Dictator may already have fled and be on his way to Venezuela after Libyan air force attacks civilians


Libyan leader Muammar Gaddafi has fled Libya and may be heading for Venezuela, William Hague said today.

The Foreign Secretary said he had seen 'information' that suggests Gaddafi is on his way to the South American country - as Libya was up in flames amid increasingly bloody battles between protesters and security forces.

Libyan fighter jets and helicopters reportedly fired on protesters in the capital Tripoli, with indiscriminate bombing runs leaving 'many, many dead'.

Tripoli was rocked by gunfire with government buildings ablaze, amid reports of a massacre that left 60 dead in the city's Green Square.

Security forces appeared to be preparing a major assault in the capital tonight, as state TV said troops had 'stormed the hideouts of the saboteurs'.

Snipers took up positions on rooftops and jets swooped low over rooftops, apparently trying to stop more opposition activists joining those who are already overwhelming the city.

Libyan protesters celebrated in the streets of Benghazi on Monday, claiming control of the country's second largest city after bloody fighting

The second city Benghazi was also said to be 'totally out of control', with residents reporting numerous explosions and teenagers roaming the streets with assault rifles.

Even Gaddafi's own Libyan diplomats at the UN are calling for him to step down. Deputy Ambassador Ibrahim Dabbashi said that if the dictator does not relinquish power, 'the Libyan people will get rid of him'.

Libyan fighter pilots also fled to Malta after being told to fire on civilians and border guards at the boundary with Egypt have reportedly abandoned their posts.

But officials in Venezuela, where president Hugo Chavez is an ally of the Libyan dictator, denied any suggestions that Gaddafi was seeking refuge there. Information minister Andres Izarra said the reports were 'false'.

Mr Hague spoke after a meeting of EU foreign ministers on Monday which sharply condemned Libyan authorities for their crackdown against pro-democracy protesters.
'I have seen some information that suggests he is on his way there [Venezuela] at the moment,' he said.

There was talk of a takeover last year by Rio Tinto was it ?....not sure......just wondering whether with the depressed sp if that would not come back on the agenda ?....perhaps not.....

Broker note fromOriel:
Next news flow during H1: release of underground technical study, commencement of underground mining and execution of potential M&A deal following the recent fundraising. Mid 2011 commissioning of Stage 3 plant expansion to 5.0Mtpa.
Recommendation Medium term buy: Given the current political backdrop throughout the MENA countries and this isolated incident may weigh on the stock sentiment. However, in our opinion the recent pullback presents a good buying opportunity, particularly for investors with a medium term view. We value Centamin at 206p/sh based on discounted cash flows and risked based exploration upside. We reiterate our BUY recommendation.

Thanks H. Medium term will do for me. In the short term though I'm worried that either Mubarak's replacement is worse or the uncertainties of the process of transition cause more bloodshed and instability. In the medium term CEY will be a much needed income stream to Egypt and in my worse nightmare I can't imagine nationalisation will ever take place.
Still holding a core and have dipped in/out a couple of times these past weeks with smaller numbers.

The share price didn't do to bad under Mubarak, even if his people didn't.

CEY will do much better with democracy

By Thomas Biesheuvel

Feb. 22 (Bloomberg) -- Centamin Egypt Ltd., a gold company operating in the North African country, said its Sukari mine is functioning normally following a protest last week.

Sukari has been back to normal since Saturday morning, and mining and processing are continuing as normal, Bobby Morse, a London-based company spokesman, said today by phone.

Workers at the Sukari site staged a sit-in last week to demand higher pay and a change of ownership, state news service MENA reported Feb. 18. The companys shares fell the most in more than two years that day.

The stock fell 2.9 percent to 125.6 pence by the 4:30 p.m. close of London trading after rebounding 5.8 percent yesterday.

To contact the reporter on this story: Thomas Biesheuvel in London at tbiesheuvel@bloomberg.net

To contact the editor responsible for this story: Amanda Jordan at ajordan11@bloomberg.net

Last Updated: February 22, 2011 12:38 EST


http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=aTk6iIAW2.Xw

Like a South African democracy with its empowerment policy and strong unions.

irlee57 ,

That's old news

Usually turmoil = gold rising sharply = good news for cey. Just topped up again.

RNS looks good.

It's at bargain price now.

.

Indeed...very good update.....should be 30p higher at least !.

SUKARI GOLD EXPORTS

TIDMCEY

RNS Number : 9456B

Centamin Egypt Limited

28 February 2011

Centamin Egypt Limited ("Centamin" or "the Company")

(LSE:CEY, TSX:CEE)

SUKARI GOLD EXPORTS

Centamin Egypt Limited, the gold mining group in Egypt, has noted media reports regarding the possible restriction of gold exports from Egypt:

-- The Company has received no formal or informal notice from the Ministry of Petroleum and Mineral Resources or any other official or unofficial agency within Egypt to curtail, restrict or prohibit any regular gold shipments from the company's operation;

-- The Company's Sukari Gold Mine continues to produce and export gold dore for refining with a recognised international refiner and receives the international spot price for such deliveries when they occur;

-- The above activities are explicitly enshrined in the Company's Concession Agreement (Law 222 of 1994) with the Egyptian Mineral Resource Authority and the Arab Republic of Egypt, and the company has confirmed again today with the Ministry of Petroleum and Mineral Resources that any such restrictions on the export of gold will not be applicable to the Company's activities.

For Centamin Egypt Limited

Josef El-Raghy

Chairman

28 February 2011

Judging from the look of the chart only, I wouldn't be surprised to see the price hit 110, before seeing a bounce back.

Tricky to pick a good chart support level, imo. I agree, maybe 110p ish?

Cairo stock Market opens tomorrow. If there is a run on stocks then the authorities have said they will close it again until stability can be assured.

CAIRO (AP) Airport officials said authorities prevented the wife and son of ousted Egyptian president Hosni Mubarak from flying out of the Red Sea resort of Sharm el-Sheikh hours before authorities banned the Mubarak family from traveling abroad.

The officials said Monday that Mubarak's wife, Suzanne, and son Gamal tried to board a private jet Sunday at the airport in Sharm el-Sheikh, where they have been staying since Mubarak stepped down on Feb. 11.

Authorities told them they cannot leave without special permission.

The officials spoke on condition of anonymity in line with regulations.

On Monday, Egypt's top prosecutor seized all the funds of Mubarak and his family and banned them from traveling abroad.

It was not clear whether the ban was issued because they tried to leave.

Egypt delays expected reopening of stock market

(AP) 1 hour ago

CAIRO (AP) Egyptian officials have again delayed the restart of the country's stock exchange, a move that brokers said Tuesday would likely only undercut investor confidence in a market many expect to take a hammering as the country struggles to regain footing after massive protests that ousted its longtime president.

The Egyptian Exchange, shuttered for over a month, was to resume trading on Tuesday. But in an overnight statement, exchange officials said the market would reopen instead on March 6 to "allow investors to profit from the government's support to guarantee stability in the bourse."

Sp up nicely today....hope it lasts....way undervalued now....