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.

StockMarketWire.com
Centamin has dismissed reports in Egypt about breaches of the Sukari concession agreement.

Centamin said an un-named government source had been quoted in an Egyptian paper as stating there were breaches of the concession agreement.

But Centamin says there have been no such breaches, no notice of breaches have been served and operations at Sukari continue as normal.

..Centamin under pressure on Egypt fears

By Jamie Dunkley | Telegraph – 4 minutes 38 seconds ago

Gold miner Centamin lost its shine with investors on Monday after reports surfaced in Egypt suggesting the company could have its licence to mine revoked.

Shares in the company, which makes all its profits in the North African country, tumbled 6.95 to 66½p despite a firm denial from the mining company.

“Centamin notes that an un-named government source was quoted in a local Egyptian paper as stating there were breaches of the concession agreement. Centamin confirms that there have been no such breaches, no notice of breaches have been served and operations at Sukari continue as normal.”

Andy Davidson, analyst at Numis, said the group had also been hit by fears over the political situation in Egypt.

Q2 Preliminary Production Results

Description of shares (including class)
Fully paid ordinary shares in Centamin PLC

Name of person discharging managerial responsibilities
Josef El-Raghy - Chairman and CEO

Name of registered shareholder
El-Raghy Kriewaldt Pty Ltd

State the nature of the transaction
Purchase of 500,000 fully paid ordinary shares of Centamin PLC

Price per share
69.62p

Date and place of transaction
11 July 2012 - London

I'm still in for my sins.

Sit in by workers (again) at the mine reported on another board. If true then IR clearly not one of cey's strong points.

Sukari Operations Temporarily Halted

Centamin announces that it has temporarily halted operations at its Sukari Gold Mine in Egypt due to illegal labour unrest from a small percentage of the Sukari workforce.

The illegal work stoppage commenced as a result of a dispute with on-going discussions relating to general salary increases. The Company is continuing its discussions and has the full support of the Egyptian Mineral Resources Authority and the Ministry of Labour.

The Company does not consider this interruption to production to be material at this stage and will provide further updates in due course.

WHat would be the worst scenario, if we assume complete closure of the mine?

I don't think working mines are ever closed. Essential maintenace and repairs continue. It's just the extraction process which halts, which means the forecast tonnage is going to be short of it's target, with the knock-on effect to profits.

Contradictory reports on the strike having ended or not. Seems CEY management has a similar approach to industrial relations as the Pharaohs building the pyramids.

Sukari Gold Mine Resumption of Operations

Centamin announces that operations have resumed at its Sukari Gold Mine.

The illegal work stoppage as a result of labour unrest from a small percentage of the Sukari workforce has been successfully resolved to the company's satisfaction with the co-operation of the Egyptian Mineral Resources Authority and the Ministry of Labour and as such work has recommenced.

A further update will be provided with the Q2 Results announcement on 14 August 2012.

Breaking free, Egypt's President Mursi removes generals

(Reuters) - Egypt's Islamist President Mohamed Mursi dismissed Cairo's two top generals and quashed a military order that had curbed the new leader's powers, in a move that further stamped his authority on the country and its army.

There had been much debate over the fate of Field Marshal Hussein Tantawi, 76, who until Mursi's election in June had ruled Egypt as head of a military council since Hosni Mubarak was toppled last year. The timing of Sunday's announcement to replace him as armed forces head was nevertheless a surprise.

MB taking a stranglehold sooner than feared - not good

Results for the quarter ended 30 June 2012

HIGHLIGHTS1
· Q2 gold production reached a record level of 67,422 ounces from the Sukari Gold Mine ("Sukari"), a 40% increase on Q2 2011

· Cash costs2 of US$565 per ounce (US$729 inclusive of fuel prepayments, see main text)

· Engagement on fuel subsidy ongoing

· Average gold sales price received of US$1,610 per ounce

· Underground mine achieved record quarterly ore production of 116kt, a 269% increase on Q2 2011

· Record mill utilisation of 89%, a 7% increase on Q2 2011

· Record mill throughput of 1,269kt, an increase of 49% on Q2 2011 with record monthly mill throughput in May of 453,457t

· Stage 4 (plant expansion to 10Mtpa) continues to progress well and is on track for commissioning to begin in Q1 2013. Expenditure to date is US$138.7 million

· With cash, bullion, gold sales receivable and liquid assets2 of US$183 million as at 30 June 2012, Centamin remains debt-free and unhedged

· 2012 production guidance of 250,000 ounces maintained, with cash costs of US$550 per ounce at subsidised fuel prices

· Drilling continued at Una Deriam, the first of Centamin's four exploration licenses in Ethiopia with drilling results expected in H2 2012

hmm .... sounds healthy enough

I seem to have been holding from 67 forever.

16 Aug: Westhouse Securities reiterates: Buy-TP: 99p.

Mark Bankes - Director

Purchase of 30,000 fully paid ordinary shares in Centamin plc

Percentage of issued class acquired - 0.003%

Price per share - 73.5p

Date and place of transaction - 17 August 2012 - London Stock Exchange

Date issuer informed of transaction - 18 August 2012

Up through the 200 DMA. Confidence seems to be returning to this stock.

It'll get through 80p to confirm a breakout from that level, go long when it pulls back.