Home   Log In   Register   Our Services   My Account   Contact   Help 
 Stockwatch   Level 2   Portfolio   Charts   Share Price   Awards   Market Scan   Videos   Broker Notes   Director Deals   Traders' Room 
 Funds   Trades   Terminal   Alerts   Heatmaps   News   Indices   Forward Diary   Forex Prices   Shares Magazine   Investors' Room 
 CFDs   Shares   SIPPs   ISAs   Forex   ETFs   Comparison Tables   Spread Betting 
You are NOT currently logged in
Register now or login to post to this thread.

Centamin Egypt : Worth waiting for... (CEY)     

pthwaite - 20 Sep 2004 10:27

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.


goldfinger - 20 Sep 2004 10:49 - 2 of 2353

Yes of all the exploration companys on the market this is the one for me.

Massive potential. Own a few but will add at some stage.

cheers GF.

Andy - 20 Sep 2004 14:11 - 3 of 2353


have they resolved the problem with the Egyptian governemnt's Mining Minister yet?

I know this has held back the price, and personally I would consider this high risk until such time as that "problem" is out of the way.

goldfinger - 20 Sep 2004 15:10 - 4 of 2353

PM for you andy.

cheers GF.

Andy - 20 Sep 2004 15:19 - 5 of 2353

got it, cheers, interesting.

Have had my eye on CEY for ages, once the permits are agreed, it will surely double?

pthwaite - 26 Oct 2004 11:16 - 6 of 2353

Up again on promising news...'o)

pthwaite - 27 Oct 2004 18:48 - 7 of 2353

pthwaite - 27 Oct 2004 18:49 - 8 of 2353

Andy - now's the time to get in...good news is on its way! It will happen.

jeffmack - 13 Jan 2005 16:25 - 9 of 2353

Minews Story
Date: January 12, 2005

Gippsland Hopes To Complete Tantalum Offtake Agreements Before The End Of January.

The Abu Dabbab tantalum project in Egypt is owned jointly by Gippsland Limited, a company listed on the ASX as well as on AIM, and the Egyptian Geological Survey and Mining Authority. Maybe that is why the company does not seem to have encountered any of the problems that have been put in the way of Centamin Egypt by the Egyptian authorities. It always helps to have the locals on side even if that means a smaller slice of the pie for foreign operators. Early in the summer of 2003 Centamin Egypt disclosed that it was having problems getting the Egyptian Geological Survey and Mining Authority to renew security passes for its staff and contractors at its 100 per cent owned Sukari gold project in the western desert. As a result exploration work had to be brought to a halt and that has been the situation ever since.

Those close to the company now reckon that a solution is in sight, but it may involve a bit of re-negotiation of Centamins 4,500 sq km exploration concession agreement which was issued under an Act of the Egyptian Parliament in 1994 and is guaranteed for thirty years with an option to renew for another thirty. With hindsight it might be said that this was almost too good to be true, and that may be the core of the problem. Gippsland, on the other hand, is making steady advances and has just been able to upgrade the capacity of its proposed Abu Dabbab mine from 1.26 million tonnes/year to 2.0 mt/y. Jack Telford, the executive chairman, reckons that this expansion was pushed on the company by tantalum consumers following dramatic changes in the global tantalum supply chain that occurred during the December quarter.

There is another theory that the upgrade resulted from pressure from RAB Capital. Less than a month after the new bankable feasibility study was announced RAB Capital took a private placement of 20 million new shares in Gippsland at 3p to raise 600,000 gross. In return RAB was granted 10 million unlisted options at 4p with two years of life which takes them well past the date when the company expects to start production and they are not far out of the money already. The statement accompanying this deal admitted that the companys ability to attract RAB Capital as a cornerstone investor was aided by the upgrade of the bankable feasibility study.

This study established that the Abu Dabbab project would produce in excess of 650,000 lbs of tantalum pentoxide (Ta2O5) a year which will make it the second largest tantalum producer in the world. Presumably this is after the late and unlamented Sons of Gwalia where the liquidators are presumably fighting battles with Cabot over ongoing offtake agreements. At the moment Gippsland claims to have offtake agreements for 420,000 lbs of tantalum for the first four years from the start of production in 2006 and expected to be able to ink in a further 230,000 lbs by Christmas, but nothing has yet been heard. Provided this materialises the gross sales revenue from Abu Dabbab is expected to top US$500 million over the initial 20 year mine life based on sales of tantalum and tin alone. Tin production is expected to be 1,530 tonnes/year which will be sold through the London Metal Exchange and provide a useful credit. Feldspar is the wild card as production is expected to be 1.2 million tonnes/year when stage 2 development clicks in from the adjacent deposit of Nuweibi and Gippsland has offtake agreements for 2.65 million tonnes over 5 years.

Once the offtake agreements are finalised Gippsland can move on to raising the development capital. The aim is to raise 80.5 million with 80 per cent from debt and the balance from equity. If this is achieved the internal rate of return would increase from 17.4 per cent to 29 per cent and the capital should be repaid in 4.5 years. Gippsland and its Egyptian partners would share it 50:50 once the company had recouped its costs and the debt had been repaid. As an incentive the Egyptians have defined the project as being in a free trade zone which means no profits tax, no sales duty and no import duty. The other advantages to the company is that both Abu Dabbab and Nuweibi are cheap to mine as the deposits lie on hills and can be open-pit mined. In addition labour is cheap in Egypt, as is diesel fuel. And lastly Egypt is an excellent geographic base from which to supply Europe with feldspar and tantalum, even better for the Middle East and not bad for the Far East.

The key to the whole project is cost and all that the company has said so far is that it expects to set a new global benchmark for tantalum production costs, with help from tin and feldspar credits, and the total resource of 138 million tonnes at Abu Dabbab and Nuweibi will ensure continuity of supply to major consumers over the best part of 30 years. Investors should now keep their eyes open for further news on offtake agreements as these will have to be in place before finance can be sought.

jeffmack - 28 Jan 2005 23:36 - 10 of 2353

Very sweeet


dipys100 - 31 Jan 2005 11:14 - 11 of 2353

News of interest for you cey holders.

Centamin Egypt says Sukhari negotiations in final stages

LONDON (AFX) - Centamin Egypt Ltd said it believes negotiations to permit a resumption of exploration and development activities at the Sukhari Gold project are in their final stages, as a result of changes being implemented by the Egyptian government.

A new division within the Department for Petroleum has been created to oversee the mineral resource sector while the Egyptian Geological and Mining Authority has been renamed the Egyptian Mineral Resource Authority.

Centamin described the Sukhari project as the 'most advanced gold project in Egypt.' Seven drill rigs are on the site ready to resume drilling.

The company has asked the Centre for Aribitration for a decision on the Eastern Desert Concession to be deferred while negotiations with the EMRA take place.


Yorkie - 21 Apr 2005 10:30 - 12 of 2353

Centamin Egypt Limited
21 April 2005

('Centamin' or the 'Company')
ACN 007 700 352


* Security Permits granted for return to work at Sukari

* New 30 year Sukari Mining (Exploitation) Lease of 160km2

* Tax exemptions and royalty arrangements unchanged

* Drilling to Recommence Immediately

Centamin is delighted to report that agreement has been reached with the
Egyptian Mineral Resource Authority (EMRA) for an immediate return to work at
the Sukari Gold Project in the Eastern Desert of Egypt. EMRA has signed the
Security Permits required to re-commence work and the Company is also pleased to
advise that a new environment of co-operation now exists between the parties,
together with a joint desire to begin to develop the vast mineral wealth of

His Excellency Engineer Sameh Fahmy, the Minister for Petroleum and Mineral
Resources, states 'The Egyptian Government looks forward to a long and
successful partnership with Centamin and its subsidiary Pharaoh Gold Mines NL.
The mineral resource industry in Egypt has a very positive future which to date
has not been fully appreciated. I will be fully supportive of the company's
development and exploration activities in order to fast track Egypt's first
modern gold operation. All the problems of the past are behind us and the future
is very exciting for the Sukari project.'

The Company will re-commence operations on a new Mining (Exploitation) Lease
covering an area of 160 km2 that contains the proposed Sukari mine site and
surrounding prospects. This lease is issued under the existing Law 222 of 1994,
which was enacted by the Egyptian Government specifically to accommodate the
company's exploration and mining activities in the Eastern Desert.

Law 222 remains unchanged and as such the Company has title for a period of 30
years commencing immediately and which is renewable at the company's election
for a further period of 30 years. All tax and royalty arrangements remain

This new Mining Lease is issued under the regulation of the Ministry for
Petroleum and it is the Company's intention to make application for additional
lease areas at the appropriate time.

From the Company's contact with the Ministry, it is apparent that there is a
genuine interest to attract mining investment. The Ministry has sought
independent advice from international authorities with the intention to enact
new mining legislation that will provide for an exploration and mining
legislative framework similar to that which is in effect elsewhere in Africa.

All Legal actions and the proceedings before the Centre for Arbitration that
were initiated by the Company are now in the process of being withdrawn.

Sukari Project - Status Report

The Sukari project is the most advanced gold project in Egypt. The Company
remains fully committed to helping develop a significant gold mining industry in
the country and fast tracking the development of the Sukari project.

Seven drill rigs are on site at Sukari and infill and extension drilling will
resume immediately. The Sukari Gold deposit is an outcropping Granodiorite
Porphyry with a mapped strike extent of 2.5km. To date, the Company has drilled
322 holes for 66,000m, predominantly in the southern 800m of this outcrop. The
current measured, indicated and inferred resource defined in this area is 2.94M
oz. This resource has been calculated independently by Hellman and Schofield to
JORC standards.

Two tonnes of metallurgical samples have been assembled and are ready for
shipment to Australia as part of the Bankable Feasibility Study into the
development of a 4 to 5 million tonne per annum processing facility, which is
projected to produce an initial 250,000 oz of gold per annum.

For Centamin Egypt Limited

Josef El-Raghy
Managing Director
21 April 2005

aldwickk - 11 Jul 2005 09:00 - 13 of 2353

Up 5.45% this morning, drill results out soon.

aldwickk - 09 Apr 2006 14:11 - 14 of 2353

Aim Investor
By Tom Winnifrith
09 April 2006

I should declare that I own stock in Centamin Egypt. I have owned it for a couple of years, having first tipped it at 8.5p, and for most of that time I have looked pretty foolish. But Centamin is on a roll and it has only just started I expect the shares to be at 60p within a year.
Most people in mining expect a major to bid for Centamin soon because of its valuable deposit.

Without a bid, I value this company at 60p a share. It is a one-way bet. Buy.

aldwickk - 09 Apr 2006 14:13 - 15 of 2353

mysunshine - 26 Apr 2006 10:50 - 16 of 2353

Still looking good. Getting better and better.

Centamin Egypt Limited
26 April 2006

Centamin Egypt Limited

Sukari Gold Project Resource Upgrade

Sukari JORC compliant resource upgrade to 5,759,492 million ounces of gold

Increase of 1,265,611 million ounces or 28% above the resource statement
announced in December 2005

2 additional diamond drilling rigs arrive


Resource modelling and grade estimation of the Sukari geological resource was
recently completed to JORC standards by independent resource consultants,
Hellman & Schofield, utilising all available assaying as at 25th April 2006 and
included new drilling data from the Ra and Pharaoh Zones, completed since
November 2005.

April 2006 Resources by Confidence Category - Uncut
Cut-off Measured Indicated Inferred Total Total
---------- ------------ ----------- ----------- ---------------- -------
Mt g/t Mt g/t Mt g/t Mt g/t Moz
------ ---- ------ ---- ------ ---- ------- ------ -------

0.5 33.426 1.44 41.503 1.52 49.32 1.4 124.247 1.44 5.76
---------- ------ ---- ------ ---- ------ ---- ------- ------ -------
1.0 17.085 2.13 21.898 2.23 22.21 2.2 61.192 2.19 4.31
---------- ------ ---- ------ ---- ------ ---- ------- ------ -------

Note to Table: Figures in table may not add correctly due to rounding

The measured resources lie in areas where drilling is available at a nominal 25
x 25 metre spacing, indicated resources in areas drilled at approximately 25 x
50 metre spacing and inferred resources in areas of broader spaced drilling and
that the resources are estimates of recoverable tonnes and grades using Multiple
Indicator Kriging with block support correction. The resource model extends from
9700mN to 12250mN and to a maximum depth of 600RL (approximately 550 metres
below surface).

The resource estimate has been based on the sampling and geological logging
coming from 571 diamond and RC drill holes combining to give approximately
116,500 metres of drilling and 5271 two-metre surface rock chip samples.
Resource data set comprises approximately 58,125 two-metre down hole composites
and rock chip samples. The December model was based on 41,991 drill hole and
rock chip samples.

The tempo of the infill and exploration program has been further increased with
the addition of two further drilling rigs taking the rigs on site to nine.

For Centamin Egypt Limited

Josef El-Raghy
Managing Director
26 April 2006

The information in this report that relates to mineral resources is based on
work completed by Mr Nicolas Johnson, who is a Member of the Australasian
Institute of Geoscientists. Mr Johnson is a full time employee of Hellman and
Schofield Pty Ltd and has sufficient experience which is relevant to the style
of mineralisation and type of deposit under consideration and to the activity
which he is undertaking to qualify as a Competent Person as defined in the 2004
edition of the 'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves'. Mr Johnson consents to the inclusion in the report
of the matters based on his information in the form and context in which it

TANKER - 26 Apr 2006 14:19 - 17 of 2353

this now looking very cheap should be at least 50p

cynic - 04 May 2006 15:24 - 18 of 2353

though very near the 52 week high, CEY seems strangely and almost unaccountably somnolent, even though gold price has shot up yet another $10.00 ..... I am inclined to say BUY (though I hold already), but it is just possible there is some unknown and potentially poor news unreleased

TANKER - 05 May 2006 15:45 - 19 of 2353

hmy looking at this now.

mysunshine - 20 Jun 2006 13:47 - 20 of 2353

Centamin Egypt Limited
20 June 2006

Centamin Egypt Limited ('Centamin' or the 'Company')

Sukari Project Drilling Results

Gazelle Zone Massive High Grade Gold Intersection

Centamin Egypt Limited, the dual listed gold exploration company, is pleased to
announce high grade gold assays from the first pass drilling of the Gazelle zone
on the north eastern flank of the Sukari Hill.

The newly defined high grade zone is outside of the current Feasibility
Study (BFS)

The assay results highlight the potential for additional high grade zones
as drilling moves north on the Sukari hill.

Drill hole RCD553 returned impressive gold grades in several zones down hole
including 3m @ 440.6g/t Au, within a massive intersection of 111m @ 15.06g/t Au
from 473m. The hole was collared just above the historically mined Gazelle adit,
which has previously recorded 38m @ 7.73g/t from rock chip channel sampling.

This newly defined high grade zone is outside of the Amun orebody BFS and
currently defined mining pitshells, but is similar in style to the historically
mined Amun Main Lode, exploited in ancient times, and may represent a stacked
system of high grade quartz vein shear zones.

The drill hole was designed to follow up strong mineralisation previously
defined in the Ra-Gazelle zone higher up in the porphyry from 11,025N to
11,175N, and 10,650E to the east (Figure 1). The assay results (Table 1)
highlight the strong potential for further high grade zones at depth and to the
north in the Sukari Hill, and in the Ra-Gazelle zone in particular.

Table 1 - RCD553 Significant Assay Intersections

HOLE NORTH EOH AZI DIP From To Interval Au (g/t)
RCD553 11079 614.4 270 -77 52 68 16 1.21
142 163 21 2.64
incl. 153 157 4 6.38
169 177 8 2.51
incl. 169 170 1 10.70
191 210 19 1.80
incl. 197 198 1 12.20
271 280 9 1.17
286 297 13 1.13
301 305 4 2.19
322 337 15 1.51
341 359 18 1.09
363 368 5 1.26
427 449 22 1.43
473 584 111 15.06
incl. 572 575 3 440.6
incl. 575 584 9 3.54
595 613 18 2.59

The Company believes results of this tenor will lead to further significant
increases in the currently defined global resource of 5.76m oz Au. Drilling is
continuing in the Ra, Gazelle and Pharaoh zones.

For Centamin Egypt Limited

Josef El-Raghy
Managing Director/CEO

20 June 2006


Centamin Egypt Limited + 61 (8) 9316 2640
Josef El-Raghy

Bishopsgate Communications Ltd + 44 (0) 20 7430 1600
Nick Rome or Fran Read

Information in this report which relates to exploration, geology, sampling and
drilling is based on information compiled by geologist Mr R Osman who is a full
time employee of the Company, and is a member of the Australasian Institute of
Mining and Metallurgy with more than five years experience in the fields of
activity being reported on, and is a 'Competent Person' for this purpose. His
written consent has been received by the Company for this information to be
included in this report in the form and context which it appears.

NabCom - 28 Nov 2006 08:59 - 21 of 2353

Centamin Egypt (CEY)
28 November 2006


Centamin Egypt Limited, the dual listed gold exploration and development company, today announces a further increase in gold resources at its Sukari Gold project.

The resource has been upgraded to 7.70 million ounces of gold, a 13% or 910,000 ounce increase over the previously announced resource in August 2006.


Sukari JORC compliant resource upgrade to 7.70 million ounces of gold

Increase of 910,000 ounces or 13% over the August 2006 reported figure

Discovery cost remains circa US$4/oz

43m @ 3.69 g/t from surface on western flank of Ra zone

Majority of upgrade within 300m of strike in the Ra and Gazelle zones

Potential for further significant resource addition within the same Ra / Gazelle area

The Company is extremely pleased with this upgrade given the nature of the
drilling through the 3 months with some slow and deep holes being drilled. As such, the upgrade exceeded our expectations during this time.

The company has 9 rigs on site and is currently focusing drilling in the Ra and Gazelle zones with significant further ounces being expected to be delivered in these areas.

The next resource upgrade will be reported no later than February 2007 with interim drilling results expected prior to that.
Register now or login to post to this thread.