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.

your getting one from harry and me.,.

Can you keep that sort of thing private Bb. lol

Sp seems to have settled around this level, so hopefully recovery on the way in a couple of months after elections.

Sheba has reached agreement with Centamin on the terms of a recommended offer.

Centamin will purchase the entire issued and to be issued share capital of Sheba.

The Offer values Sheba at approximately 7.48m. (on a fully diluted basis), or 6.15p per Sheba Share, which represents a premium of approximately 124% to the closing price of Sheba Shares on 8 July 2011, being 2.75p.

A little bit more info on Sheba:

StockMarketWire.com
Centamin Egypt is making a recommended 7.48m offer for Sheba Exploration (UK).

PLUS-quoted Sheba operates through its sole subsidiary, Sheba Exploration Limited, in Ethiopia.

Sheba owns and operates three gold and base metal exploration licences in the regional state of Tigray, in northern Ethiopia.

It is Centamin's stated strategy to grow its portfolio of assets beyond its Sukari gold project in Egypt.

Sheba's licences lie within the Arabian Nubian Shield which hosts not only Centamin's 14.5 million ounce resource at Sukari, but other significant gold and copper deposits.

The recommended offer comprises a cash payment of 3.0p and the number of ordinary shares in the capital of Centamin equal to the number of Sheba shares held by the Sheba shareholder divided by 40.

The offer values Sheba at approximately 7.48m on a fully diluted basis, or 6.15p per share, which represents a premium of approximately 124% to the closing price on 8 July.

I hold both

Centamin will announce its results for the quarter ended 30 June 2011 (Q2) on Tuesday, 02 August 2011.



The announcement will be screened via the Regulatory News Service of the London Stock Exchange at 7am (UK time). A group analyst briefing will be held at the offices of Buchanan (107 Cheapside, London, EC2V 6DN) at 11am (UK time) on the day of the Q2 results, and a conference call for analysts and investors with the Centamin management team will take place simultaneously.

From Hemscott Premium......

Broker Recos..... Looks way undervalued to me on a forward P/E of just over 9 to 2012, should be a t least double that imo.

Centamin Egypt Ltd

FORECASTS 2011 2012
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Evolution Securities Ltd
11-07-11 ADD 144.98 12.78 137.94 11.73
Fairfax IS
05-05-11 BUY
Canaccord Genuity Ltd
21-04-11 BUY 12.80 19.50
Numis Securities Ltd
13-04-11 BUY 103.91 9.84 127.28 11.68
Westhouse Securities
17-03-11 HOLD

2011 2012
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 127.80 11.93 133.48 14.09
1 Month Change 0.42 0.01 0.11 -0.05
3 Month Change -17.49 -0.88 -4.75 2.33


GROWTH
2010 (A) 2011 (E) 2012 (E)

Norm. EPS 399.87% 204.69% 18.08%
DPS % % %

INVESTMENT RATIOS
2010 (A) 2011 (E) 2012 (E)

EBITDA 67.40m 154.30m 166.51m
EBIT 40.60m 103.30m 124.20m
Dividend Yield 0.00% % %
Dividend Cover x x x
PER 32.92x 10.80x 9.15x
PEG 0.08f 0.05f 0.51f
Net Asset Value PS 26.64p p p

I agree it's undervalued, but Egypt is still struggling badly to find political stability atm and that is what is increasing the risk factor here.

If the market turns blue....145p back on the cards perhaps ?.....more upside than downside, here...

Egypt's PM pushes on with major reshuffle amid protests.

Egyptian Prime Minister Essam Sharaf has begun his promised cabinet reshuffle as protests continue over the slow pace of political reform.

CEY gathering momentum this afternoon - gold over 1600$ an ounce.

CEY

Latest broker targets on Digital look....

12-Apr-11 Canaccord Genuity Buy 151.30p 200.00p 195.00p Upgrade
28-Feb-11 Numis Securities Buy 118.50p - - Reiteration
16-Feb-11 Evolution Securities Add 141.90p 175.00p - Upgrade

Looks way undervalued considering Gold SP has risen considerably since those broker targets were given.

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http://www.kitco.com/charts/livegold.html

Hemscott premium broker figs. Way too cheap IMO. A P/E of just 9.6 to 2012!!

Centamin Egypt Ltd

FORECASTS 2011 2012
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Evolution Securities Ltd
11-07-11 ADD 144.98 12.78 137.94 11.73
Fairfax IS
05-05-11 BUY
Canaccord Genuity Ltd
21-04-11 BUY 12.80 19.50
Numis Securities Ltd
13-04-11 BUY 103.91 9.84 127.28 11.68
Westhouse Securities
17-03-11 HOLD

2011 2012
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 127.80 11.93 133.48 14.09
1 Month Change 0.42 0.01 0.11 -0.05
3 Month Change -17.49 -0.88 -4.75 2.33


GROWTH
2010 (A) 2011 (E) 2012 (E)

Norm. EPS 399.87% 204.69% 18.08%
DPS % % %

INVESTMENT RATIOS
2010 (A) 2011 (E) 2012 (E)

EBITDA 67.40m 154.30m 166.51m
EBIT 40.60m 103.30m 124.20m
Dividend Yield 0.00% % %
Dividend Cover x x x
PER 34.68x 11.38x 9.64x
PEG 0.09f 0.06f 0.53f
Net Asset Value PS 26.64p p p

Good to see the trend in stock on loan a proxy for short selling is falling on CEY. Chart shows the trend is now falling to the downside going well into July......

CEY


http://www.proactiveinvestors.co.uk/columns/broker-spotlight/5957/

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Switched over to Highland Gold......now as not sure if Centamin will climb any further...