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.

did you kill him, or only metaphorically? ..... your husband, not the pussy!

Don't blame her for not answering that one.....could incinerate her!!!

Anyone know why CEY is rising today?

from my post on libya thread .....

Egypt
there is clearly great fear among the educated egyptian populace, that the muslim brotherhood - islamic fundamentalist at heart, and in its own way rather like the ira - will eventually take over ..... it is thought that mb is too fragmented to make too great an impact in the forthcoming elections, but by the time of the next ones in 2015, the situation may well be different

========

however, egypt now looks to be pretty calm, and the kneejerk fear about nationaliation is perhaps being discounted as most unlikely ..... add to that the rising price of bullion and that CEY has lagged of late, and there's some reasoning for you

Totally looking undervalued... bought into it today

and new all time highs for gold at $1460.

Daily Mail : Brokers-visit-Centamin-mine


Now that the dust has settled, a party including 11 City number crunchers are tomorrow attending a visit to Centamin Egypts Sukari gold project in the eastern desert of Egypt.

They will see for the very first time the new underground development and hopes that the feedback should be bullish helped Centamins shares advance to 150p before closing 7.4p better at 146.15p.

The stock collapsed from a January level of 175p to a low of 116.75p on mistaken fears that Mubaraks demise in Egypt would put a block on gold exports for the remainder of 2011 and could hit exports from its Sukari mine.

Sukari is located about 750 miles from Cairo in the Eastern Desert of Egypt. Broker Oriel Securities will be on the trip and expects the rescheduled tour originally planned for the end of January will reassure investors and make abundantly clear that the stock has been heavily oversold.

Centamin recently commented that mining operations were unaffected by the recent political changes in Egypt and that it is still on track to produce 250-290 ounces of gold in 2011 at a competitively low cash cost of $450 ounces compared to the industry average of $585 ounces. Oriels Charles Coopers short-term target price is 206p


I think that should be 250/290kozs for 2011?

RNS Out now.

Back on track solid update.

Centamin Egypt Limited is pleased to announce its preliminary production results following the completion of its first quarter's production.

The Company poured 45,204 ounces for the quarter from its Sukari operation, which remained largely unaffected by the political events in Egypt during the period. Ore processing activities continued unaffected and the security of personnel, assets and tenure were never under threat by such events.

Material movement from the open pit and underground mining operation was reduced late in the quarter due primarily to delays in the delivery of blasting accessories. Whilst this impacted the Company's ability to access higher grade open pit and underground ore (thus reducing plant feed grade), a resultant feed grade of 1.81g/t for the quarter was still achieved. It is expected that the higher grade ore scheduled for the first quarter will be mined and processed during the second quarter.

The minor supply interruptions are now resolved and it is expected that the mining component of the operation will return to full productive capacity during April.

The steel SAG mill lifter and liner configuration has performed to design specifications, as expected, since installation in late October with the first change out occurring successfully in the last week of March.

The Stage 3 plant expansion to a 5Mtpa plant throughput rate (from the current 4Mtpa) remains on schedule and on budget for a mid 2011 commissioning.

2011 gold production guidance of an estimated 250-290,000 ounces remains intact, however, with the events that transpired during the quarter, it is prudent to guide towards the lower end of this range. A further update will be provided by mid-2011 as previously advised.

Thanks kads,

It is expected that the higher grade ore scheduled for the first quarter will be mined and processed during the second quarter.

Top up time?

On a projected PE of around 10 probably high enough at present taking into account the political risk.(ioho).

Just gone long here.

RNS Number : 5674E

Centamin Egypt Limited

08 April 2011


Immediate Release 8 April 2011

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

(LSE:CEY, TSX:CEE)

ANALYST SITE VISIT TO SUKARI

Centamin is currently hosting a site visit to its Sukari Gold Project in the eastern desert of Egypt for equity analysts and investors. A presentation will be given by the management team on Friday, 08 April 2011 and it is available on the Centamin website (www.centamin.com) and through the following URL:

http://www.centamin.com/wp-content/uploads/2011/April2011.pdf

Broker upgrade CEY..Centamin Egypt Ltd FTSE 250 Basic Materials Buy 177p 148.8p 19.0% Citi Target SP 177p 19% upside.

NUMIS...

Centamin (Buy 2.20). Q1 operations update. Production 45,204oz was well below our expected 57,000oz and annual production now guided to "towards the lower end" of the previous 250-290,000oz range. The production shortfall arose from delays in delivery of blasting accessory equipment and a consequent delay in mining high grade sections. Bearing in mind all that went on in Egypt we think they did pretty well. The supply interruptions are now resolved and company is looking to full capacity during April. The plant itself appears to have put in a full quarter at design capacity, which we see as a strong positive. Although we are likely to downgrade our 2011 forecast to a conservative 240koz (was 275,000oz) and, as a consequence, increase cash costs $480/oz (from $420), the effect on our target price is likely to be immaterial. No change to our view that, with shares trading at around 1x NAV, there is good value against our 1.5x NAV target. CEY remains a key pick out of our mid-tier gold stock coverage.
* Vedanta (N/C). Q4 and FY production report. Record production and sales across most of the board. Zinc-India produced 840kt for the FY, 9% higher due to Rampura Agucha and Sindesar Khurd mines. Refined zinc production up 23% Y-o-Y at 712kt. Start up of the lead smelter at Dariba and SK mine expected to boost rather flat silver and lead production. Skorpian Zinc acquisition now added to the stable. Iron ore the disappointment with production and sales marginally lower due to the Karnataka state export ban, which is to be lifted shortly. Expansion programme on track for end of FY12-13. Copper cathode production in India was 9% lower, affected by ongoing high court order. Copper cathode production in Zambia up 9% at 217kt and ramp up of Konkola Deeps and Nchanga smelter progressing well. Ally up 20% at 641kt and power sales up strongly at 3,279M units due to Jharasuguda and expected to increase further. All in all pretty positive stuff and should be received well.
* Vallar (N/C). Closing of Berau transaction and completion of acquisition announced in Nov 2010 to create "Indonesian coal champion". To be re-named Bumi plc and move to a premium listing in May. According to the FT, Vallar plans to increase its stake in Bumi Resources to 51%, from 25%, giving it control over the Kaltim Prima mine, the worlds largest power station-coal mine.
* Rio Tinto (N/C) assumes control of Riversdale as its shareholding rises above 50%. A boardroom shuffle has already occurred as Riversdale agreed to add three Rio nominees to its board. With two retirees and the remaining four existing board members all recommending the takeover (including Tatas nominee), this is a fait accompli. Under Aussie rules, Rio are not obliged to launch a mandatory takeover offer to take out minority shareholders until it reaches 90% ownership.
* Equinox has rejected the C$6.3bn offer from Chinas Minmetals Resources, citing a nominal premium which was a fraction of premiums paid in recent acquisitions of base metal mining companies.
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next serious challenge is at 160/165 wher 200 dma lies in wait

Glad I bought in at 147p in Stock ISA. Probably waited a little too long, but the worst of the political unrest seems to be over in Egypt. Just hope the elections go without a hitch. I assume there is a little island somewhere, like Corsica, where all of the deposed heads of government are squandering their ill gotten wealth and enjoying their retirement?

Yes political situation seems to be stable and the production issues sorted,,so full steam ahead??

Questor in the Telegraph:

http://www.telegraph.co.uk/finance/markets/questor/8439999/Questor-share-tip-Negative-sentiment-on-Centamin-Egypt-has-created-a-buying-opportunity.html

http://www.iii.co.uk/tv/episode/centamin-egypt-cey-0