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.

That's true only if the gold price stays at these historicly high lrvels,which i dought?
Once the gold price settles down the market will see that the trend is up and will then revalue mining stock.

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kernow - but not as much as it was last week! :-)

Catherine Raw, the co-manager of BlackRock's World Mining fund, said recent periods of risk aversion from shares had been acting as a drag on gold-mining equities.

"Interest in gold shares has been growing in the wake of the financial crisis, with mining shares doing better in Asia," she said. "This shows the disconnect between how the West looks at the market and how the rest of the world does."

Many believe that gold shares offer better value than bullion itself. Gold equity valuations are in historically low ranges but earnings growth on the back of higher gold prices and rising dividends could be the catalysts to send the share prices of these companies higher.

If so, the current weakness in gold-related shares represents a smart money-making "arbitrage" opportunity.

CEY

Good to see short positions dropping very fastly...........

CEY

Good to see short positions dropping very fastly...........

HGM

Shorters virtually nil now, nice.

Can't be far away from elections in Egypt? Once that issue is settled (to the satisfaction of all) then CEY should see an almighty bounce, imo.

By November according to the FT.

Brokers fully behind CEY now. The stock looks far too cheap on a prospective P/E of just over 9 going into 2012. Derd cheap.

Centamin Egypt Ltd

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

Evolution Securities Ltd
30-08-11 ADD 88.91 8.23 95.36 8.85
Investec Securities
15-08-11 BUY 108.36 9.89 125.86 11.49
Westhouse Securities
04-08-11 BUY 11.60 13.80
Numis Securities Ltd
03-08-11 BUY 107.38 9.82 125.79 11.66
Broker Name Withheld 3
02-08-11 BUY 89.80 8.24 111.94 10.21
Fairfax IS
05-05-11 BUY
Canaccord Genuity Ltd
21-04-11 BUY 12.80 19.50

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

Consensus 98.53 9.76 114.41 11.73
1 Month Change -13.28 -0.97 -9.90 -0.89
3 Month Change -28.49 -2.15 -18.87 -2.45


GROWTH
2010 (A) 2011 (E) 2012 (E)
Norm. EPS 399.87% 149.25% 20.17%
DPS % % %

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

EBITDA 67.40m 122.79m 146.10m
EBIT 40.60m 98.00m 116.74m
Dividend Yield 0.00% % %
Dividend Cover x x x
PER 27.12x 10.88x 9.05x
PEG 0.07f 0.07f 0.45f
Net Asset Value PS 26.64p p p

http://www.investegate.co.uk/Article.aspx?id=201109200700125487O

3rd Quarter Preliminary Production Results

Centamin Egypt Limited is pleased to announce its preliminary production results from its Sukari Gold Project in Egypt for the quarter ended 30 September 2011.

Total gold production for the quarter was 50,539 ounces, a 67% increase from the corresponding quarter last year and a 5% increase on the previous quarter's production. The resultant gold production was underpinned by record quarterly throughput in the Sukari process plant of 964kt (59% higher than the corresponding quarter last year and 13% higher than the previous quarter), as the ramp up to higher production rates progressed post-Stage 3 commissioning.

Open pit and underground production rates returned to budgeted production rates with the resumption of regular delivery and issuing of blasting products for the mine in late July. The open pit delivered greater than 2.2Mt per month material movement for both August and September (compared with 1.2Mt in July) and underground ore production for the quarter increased to 58,000t (up 35% on Q2 2011). With higher material movements from the open pit, the run of mine ore stockpile balance increased by 168kt to 456kt by the end of the quarter.

Looks like the political uncertainty is due to continue for a while though, which has historically kept the CEY sp depressed.

politicaly to risky sell .turning into enough iran .

.

EVO Securities comment
The most important part of todays release is that Centamin has reiterated its previous gold production guidance of between 200,000 210,000oz at a cost of US$550/oz. The group will need to produce at least 57,000oz in Q4, but this doesnt seem too much of a stretch given that the blasting issues have now been resolved. We therefore see this target as achievable.
DETAILS Centamin Egypt has reported its preliminary Q3 gold output with the full financials expected on 31 October. The group has produced 50,539oz of gold during the quarter, a 5% increase on Q2. Post the blasting issues which the company faced in Q2 and early Q3, underground and open pit production rates returned to budgeted levels in July. At 964,000t, plant throughput represented a quarterly record. Importantly, Centamin has been able to increase its run of mine stockpile during Q3, which should give the group more flexibility in the future.
VALUATION AND RECOMMENDATION We reiterate our Add recommendation and our 142p target price.

got it wrong looking at the wrong message i have been told to buy so just started to buy with 3729 and will now keep adding till 160p

have added a few more 140p by next week me thinks

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mna have faith it will be 140 soon