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.

Q3 Preliminary Production Results

Centamin is pleased to announce its preliminary production results from its Sukari Gold Mine ("Sukari") in Egypt for the quarter ended 30 September 2012.

Total gold production for the quarter was 60,922 ounces, a 20% increase on the corresponding quarter in 2011 but a 10% decrease on Q2 2012. Quarterly throughput at the Sukari process plant was 1,004kt, a 5% increase on the corresponding quarter in 2011 but a 21% decrease on Q2 2012. Plant availability and productivity was impacted by a scheduled SAG mill reline in September and the illegal strike ("the strike") in July.

The open pit delivered total material movement of 6,970kt, up 6% on Q2 2012 and continuing to ramp-up in line with the mine plan. The underground mine delivered 93.4kt, down 19% on Q2 2012 due to the impact of the strike and also a temporary reduction in mining contractor equipment availability, which restricted remote bogging (load-haul-dump) capacity and access to the high grade stopes. With higher material movements from the open pit, the run of mine ore stockpile balance increased by 83kt to 580kt by the end of the quarter.

With the continuing ramp-up of open pit material movement and with measures taken to redress the underground productivity issues, we expect production in excess of 70,000 ounces in the final quarter, bringing total expected production for the year in line with guidance of 250,000 ounces.

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Nomura has retained its 'bullish' rating for the European gold sector, saying that there's potential for further outperformance in spite of the strong showing as of late.

Nomura has highlighted Petropavlovsk, Centamin and Polymetal as its sector 'likes' going into the third-quarter results. All three are marked as 'buys'. The broker has increased its target price for Centamin to 145p from 130p, Polymetal to 1,425p from 1,340p, and Petropavlovsk to 760p from 735p.

As for Randgold Resources, the broker has raised its target price to 7,400p to from 6,815p but maintained its 'reduce' rating, saying that the stock is "fully priced (for now)".

Well there is the quid - tempting!

That's me out @103 + 36p.

Good luck to those still in.

What happened to 'make the trend your friend'?

Harry - I did dither!

Have a look at posts 1665 & 1669 :-)

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Connected Persons

Oct 15: CEY: Goldman Sachs Reiterates: Buy TP: 200p up from 190p.

Just bought in again @97.49p

On the up again today.

Centamin , the Egypt-based gold miner, popped up a further 3.7% to 103p today. The move was helped by upbeat reports on the outlook for gold, and recent confirmation that the firm still expects to meet its full-year targets.

Centamin's shares have nearly doubled since June, but they're still not back up to their 52-week high of 117p, mind. However, with a forecast full-year P/E ratio of less than 9, there could still be further to go.

StockMarketWire.com
Investec has downgraded its recommendations on gold miners Centamin (LON:CEY) and Randgold Resources (LON:RRS) to "hold" from "buy" as the broker suggests taking profits following recent sector performance. The City broker has increased its share price targets on Centamin and Randgold Resources to 106 pence (from 95 pence) and 7,715 pence (from 6,917 pence) respectively. Analyst Albert Minassian said: "In a gold sector report earlier this year (Leverage like leverage used to be, 25 June 2012) we lifted all of our gold company recommendations to buy, on the basis that the gold bullion price would increase and gold equities would outperform. Gold equities have indeed performed well, appreciating by an average 28% since then. Whilst we are raising our estimates and price targets, given the sector's outperformance, we now recommend that investors take profits at current levels, on the basis of buying again at lower levels."

Just been stopped out here.

In auction -10%

What's going on here?

Whatever it is it must be serious - back in auction -24%.

A day after the investors site visit - unreal!

Something really nasty coming out of here... what is it?

I guess something to do with the recent concession lawsuit?

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Egypt court rules Centamin contract void

CAIRO | Tue Oct 30, 2012 9:04am GMT

(Reuters) - An Egyptian administrative court ruled on Tuesday that Centamin's (CEY.L) contract to exploit the Sukari gold mine in Egypt was void, a decision that sent shares in the London-listed stock tumbling.

"The court rules as invalid the contract to exploit the Sukari mine," the judge said, adding the court also ruled that a decision by the authorities to offer a 30-year contract and to allow it to be renewed was also void.

The court ruling can be appealed.