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.

One of many , nothing new.

Q1 results.

HIGHLIGHTS


Operations

* Quarterly gold production of 45,204 ounces was achieved from the Sukari Gold Mine.

* Cash operating cost averaged US$525 per ounce for the quarter.

* Average gold sales price US$1,405.

* Although some key supplies suffered short term interruptions, operations were largely unaffected by the recent political events in Egypt.

* SAG mill steel liner and lifter configuration performed to design standard during the quarter, following installation in Q4 2010.

* Expected 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. Further guidance is planned for mid 2011 as more information becomes available on the timing and scale of commercial underground production rates.

Must surely be approaching a good buying opportunity {from a charting perspective?}.

results not terribly exciting considering the market cap of 1bn

Corrected!

Might be time to buy back in.....looking at the charts, hitting perhaps a low and gold is holding up well.

Skinny

Your on the wrong thread , this the CEY thread.

Going long now....as this is unhedged with capital growing...

Aldwickk - now corrected!

Thanks Skinny

Possible read across to other assets in Egypt:
Credit Suisse comment
"Law to be a positive catalyst if passed: We believe that it is clear that the military is trying to put an end to the ongoing legal disputes with regards to private investors who purchased government assets (at favorable terms in some cases), which is significantly damaging private sector investments in Egypt. Based on local media reports, the law should result in only holding liable the government official who sold the asset, with no liability on the private investor who purchased the asset. However, we still wouldnt rule out the possibility that some investors/companies could still pay some kind of settlement fee to the government in some cases.
Real estate sector to be the main beneficiary: The real estate sector has been the most negatively affected since the political turmoil started in Egypt given the significant magnitude of legal disputes over land ownership which was purchased by developers from the former government. This has put the real estate market in a stand still mode with no buying activity as well as rising cancellations rates for properties purchased during 2010. Real estate stocks have been suffering on the back of this, thus underperforming EGX 30 by about 31% year to date, on average. We believe that passing this law should be a positive catalyst for real estate stocks as it would restore confidence in developers ability to deliver contacted properties."

Finally an up day - nice candle!

that's what my wife said

Hope she thought your candle looked nice too!

she shut her eyes and refused to look ..... so i gave her a surprise

From Traders thread:

Goldman: Reiterated conviction buy, TP: Reiterated 290

Starting to look like a very cheap share with gold rising.....to me anyway.....

Yeah. I almost forgot about CEY. This does look extremely cheap now for a company producing gold.
Buying into this today.

Political uncertainty still holding this down, imo. Until that is sorted (sept I think), to the satisfaction of all, no hurry to get in here.

When Sept comes, CEY would not remain at this price.