Ben Kramer-Miller
Gold & precious metals, macro, research analyst, deep value

Centamin PLC's Relentless Uptrend Has No Justification

Since I last wrote about Centamin PLC (OTCPK:CELTF) in August it has been one of the better performing gold mining stocks, with shares nearly doubling despite the gold price remaining flat.

Recall that while I was impressed with management's ability to expand production and decrease costs at its flagship Sukari project, I was concerned that the market failed to price in the risk that Centamin could lose its right to mine this project, the value of which makes up the vast majority of Centamin's assets. In October 2012, a court ruling came down in Egypt claiming that Centamin had violated its mining concession agreement, and it subsequently rescinded the company's right to mine at Sukari.

This didn't stop...

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