If you are looking up the Centamin share price (formerly traded under the ticker LSE: CEY or TSX: CEE) on your standard brokerage app or financial news portal, you will notice something unusual. The chart is completely flat, showing a frozen price of 146.00p, with zero trading volume.
This is not a temporary technical glitch.
In late 2024, Centamin plc was officially acquired by AngloGold Ashanti plc in a recommended takeover deal valued at approximately £1.9 billion ($2.5 billion). As a result, Centamin shares were formally delisted from both the London Stock Exchange (LSE) and the Toronto Stock Exchange (TSX) on November 22, 2024.
If you were a former shareholder, or if you are a gold investor seeking exposure to Centamin’s world-class assets—most notably the legendary Sukari Gold Mine in Egypt—you can no longer buy or sell Centamin stock directly. Instead, your gateway to these assets is now AngloGold Ashanti (NYSE: AU / JSE: ANG).
This comprehensive investor guide breaks down exactly what happened to the Centamin share price, the mechanics of the historic corporate takeover, the current performance of its core assets, and how you can track, calculate, and invest in this legacy gold portfolio today.
The Frozen Ticker: Why You Can No Longer Buy Centamin PLC (CEY) Directly
For years, Centamin plc was a favorite among London-listed gold mining stocks. Boasting a robust dividend yield, a debt-free balance sheet, and direct ownership of Egypt’s first modern gold mine, CEY was highly liquid and heavily tracked.
However, on September 10, 2024, the boards of AngloGold Ashanti and Centamin announced they had reached an agreement on the terms of a recommended acquisition. The deal proceeded through a court-sanctioned scheme of arrangement and was finalized in late November. On November 22, 2024, trading of Centamin shares was suspended, and the company was formally delisted.
When looking at a legacy financial portal, you might see static metrics:
- Last Recorded Price: 146.00p
- Market Capitalization: £1.72 billion
- Ticker Symbol: CEY (LSE) / CEE (TSX)
Because these numbers are frozen, they are entirely outdated and do not reflect the current market dynamics of the underlying gold assets. To understand the true value of Centamin’s portfolio today, we have to look closely at the acquisition details and the performance of the acquiring parent company.
The Takeover: Terms of the AngloGold Ashanti Deal
The acquisition of Centamin was a major step in global mining consolidation, catapulting AngloGold Ashanti to become the fourth-largest gold producer in the world.
Under the binding terms of the transaction, Centamin shareholders were entitled to receive a combination of stock and cash for every share they owned:
- New Shares: 0.06983 of a newly issued AngloGold Ashanti share (traded on the NYSE under ticker AU).
- Cash Consideration: $0.125 in cash (USD).
At the time of the announcement (September 9, 2024), this transaction valued each Centamin share at 163 pence, representing a massive 36.7% premium over the prior closing price of 120p.
Fractional Shares and CREST Settling
For retail investors holding their shares in UK brokerages via CREST or as physical certificates, fractional entitlements to new AngloGold Ashanti shares were aggregated and sold in the market. The net cash proceeds of those sales were then distributed proportionally to the affected shareholders. Furthermore, former Centamin shareholders remained eligible to receive the interim dividend of 2.25 US cents per share declared for the first half of 2024.
Why Did the Deal Happen?
For AngloGold Ashanti, Centamin represented a highly lucrative opportunity to diversify its African portfolio. Prior to the acquisition, AngloGold operated across multiple jurisdictions, including Ghana, Australia, the Americas, and Tanzania, but lacked a footprint in the highly prospective Arabian-Nubian Shield. By absorbing Centamin, AngloGold gained 100% operational control of the Sukari Gold Mine—a Tier 1, low-cost asset with a long mine life and clear expansion capabilities.
How to Track and Value Centamin’s Assets Today (NYSE: AU)
Because Centamin is now a wholly owned subsidiary of AngloGold Ashanti, there is a direct mathematical link between the historical CEY stock and AngloGold’s current US-listed stock price (NYSE: AU).
If you want to determine what your former Centamin shares would be worth today, or if you are tracking the implied valuation of the Centamin portfolio, you can use the following formula:
$$\text{Implied Centamin Share Value} = (0.06983 \times \text{AU Share Price}) + $0.125 \text{ USD}$$
Let's put this into perspective using real-world market data from May 26, 2026:
- AngloGold Ashanti (NYSE: AU) Closing Price: $97.49 USD
- Current Exchange Rate (GBP/USD): ~1.27 (indicative)
Step-by-Step Implied Valuation Calculation:
- Calculate the stock portion value: $$0.06983 \times $97.49 = $6.808 \text{ USD}$$
- Add the cash portion: $$$6.808 + $0.125 = $6.933 \text{ USD}$$
- Convert to British Pence (GBP): $$$6.933 \div 1.27 = \pounds5.46 \text{ or } 546p$$
This calculation reveals an astounding trend. While the Centamin share price was "frozen" at 146p upon delisting in late 2024, the dramatic surge in AngloGold Ashanti's share price over the past year has skyrocketed the implied value of that transaction to approximately 546p per old Centamin share!
This massive appreciation has been driven by a perfect storm of operational excellence at the mine level and a monumental bull market in physical gold, which pushed AngloGold Ashanti stock from its late-2024 lows of around $23 to a record high of over $129 in early 2026.
Tracking the Crown Jewel: Sukari Gold Mine’s Stellar Performance Under AngloGold Ashanti
You cannot talk about Centamin without talking about the Sukari Gold Mine in Egypt. Located in the Eastern Desert, approximately 25 kilometers from the Red Sea, Sukari is a massive, world-class asset. It is Egypt's largest and first modern gold mine, boasting over 5.9 million ounces of historical gold production since its first pour in 2009.
Now integrated into AngloGold Ashanti’s Africa region, the mine continues to break operational records. Here is how the asset performed through 2025 and into early 2026:
1. Robust Production Growth in 2025
In its first full calendar year under AngloGold Ashanti’s stewardship (2025), Sukari produced 500,000 ounces of gold. This represented a solid 4% year-on-year increase compared to the 481,000 ounces produced by Centamin in 2024. The growth was primarily driven by higher ore throughput, better equipment availability, and optimized plant utilization.
2. Industry-Leading Cost Efficiency
Despite global inflationary pressures in fuel, labor, and reagents, AngloGold Ashanti managed to keep costs under tight control at Sukari. The mine’s All-In Sustaining Costs (AISC) for 2025 came in at $1,094 per ounce. This cost profile is highly competitive and well below the industry average, allowing the asset to generate substantial free cash flow in a high-price gold environment.
3. Mutually Beneficial Partnership with Egypt
Sukari is operated under a 50:50 joint venture partnership with the Egyptian Mineral Resource Authority (EMRA). With spot gold prices climbing steadily, Egypt’s earnings from Sukari skyrocketed. In 2025, Egypt's share of profits, alongside royalties and taxes, surged by 107% to $612 million. This has cemented the asset's political and strategic stability within the nation.
4. Ten-Year Outlook (2026 – 2035)
AngloGold Ashanti has committed to an aggressive long-term development campaign. The company’s official geological and engineering targets outline plans to produce 4 million ounces of gold at Sukari between 2026 and 2035. This target is supported by an attributable mineral reserve of 2.36 million ounces (as of December 31, 2025) and ongoing underground exploration.
5. Recent Quarterly Dynamics (Q1 2026)
In the first quarter of 2026, Sukari produced 113,000 ounces of gold, down slightly (3% YoY) from the 117,000 ounces produced in Q1 2025. This minor dip was expected, resulting from a temporary 27% decline in recovered grades from underground operations, which was largely mitigated by a 10% increase in processed plant tonnage. Total cash costs for the quarter rose to $1,106 per ounce due to higher royalties tied directly to elevated gold prices and seasonal maintenance shutdowns.
Exploring the Pipeline: Doropo and Eastern Desert Exploration (EDX)
While Sukari is the undisputed engine of the legacy Centamin portfolio, AngloGold Ashanti also inherited highly prospective exploration assets in West Africa and Egypt. These developmental projects provide the future "organic" growth engine that originally enticed investors to Centamin.
The Doropo Gold Project (Côte d'Ivoire)
Located in northeastern Côte d'Ivoire, Doropo is a highly promising development asset. Before the takeover, Centamin completed a Definitive Feasibility Study (DFS) in mid-2024, demonstrating excellent economics:
- Post-Tax Net Present Value (NPV): $426 million (using a conservative 8% discount rate).
- Expected Mine Life: 10+ years of steady-state gold production.
AngloGold Ashanti’s deep capital reserves and experience in building major mines across Africa mean Doropo is highly likely to receive a fast-tracked Final Investment Decision (FID) to build the infrastructure, adding another highly profitable asset to the combined group's portfolio.
Eastern Desert Exploration (EDX)
Egypt is quickly emerging as one of the world's most promising, under-explored gold frontiers. Through the acquisition, AngloGold Ashanti assumed control of Centamin's highly prospective exploration blocks across the Nugrus and Najd regions. This land package covers vast tracts of the Arabian-Nubian Shield, located in close proximity to the existing Sukari infrastructure. Recent drill campaigns have targeting high-grade surface anomalies, such as the Little Sukari discovery, which could act as satelite feed to increase the existing plant's gold output.
The Broader Investment Case: AngloGold Ashanti (NYSE: AU) in 2026
If you are considering tracking the Centamin legacy by investing in its parent company, it is essential to understand the broader financial health of AngloGold Ashanti (NYSE: AU). As a consolidated global entity, AngloGold is no longer just a single-asset play; it offers a diversified, highly leveraged way to trade global gold markets.
In its record-breaking FY 2025 earnings report, AngloGold showcased the incredible financial power of its combined operations:
- Gold Production: Climbed 16% year-on-year to 3.09 million ounces, bolstered significantly by the integration of the Sukari mine.
- Adjusted EBITDA: More than doubled to $6.3 billion (a 129% surge).
- Free Cash Flow: Tripled to a record-breaking $2.9 billion, driven by stellar production and a massive surge in gold prices.
- Financial Strength: AngloGold transformed its balance sheet from a net debt position of $567 million at the end of 2024 to a net cash position of $879 million by the end of 2025.
Valuation and Market Outlook
Currently trading around $97.49, AngloGold has seen intense interest from Wall Street and institutional buyers. Prominent investment banks, such as Scotiabank, have recently issued bullish ratings with price targets reaching as high as $133.00.
However, potential investors must weigh the risk of high valuations. With the stock up over 130% over the past year, some analysis frameworks (such as GuruFocus's GF Value) caution that the stock could be trading in overvalued territory relative to historical multiples, suggesting a disciplined dollar-cost averaging approach may be wise.
FAQs: Navigating the Delisting of Centamin
Is Centamin plc still listed on the London Stock Exchange (LSE)?
No. Centamin plc (CEY) was officially delisted from the London Stock Exchange and the Toronto Stock Exchange on November 22, 2024, following the successful completion of its acquisition by AngloGold Ashanti plc. You cannot purchase CEY stock on any public exchange today.
What did Centamin shareholders receive in the takeover?
For every single share of Centamin held, investors received 0.06983 new shares of AngloGold Ashanti (NYSE: AU) and $0.125 in cash (USD). Former shareholders also received Centamin's H1 2024 interim dividend of 2.25 US cents per share.
Where can I find the current stock chart for Centamin?
Because the company is delisted, there is no active stock chart for Centamin. Any chart you find showing "CEY" or "CEE" will be frozen at the final closing price of 146p from November 2024. To track the current market valuation of Centamin's assets, you must look at the stock chart of AngloGold Ashanti plc (NYSE: AU).
Is the Sukari Gold Mine still operating?
Yes, the Sukari Gold Mine is fully operational and is performing exceptionally well under AngloGold Ashanti’s management. In 2025, the mine hit a major milestone, producing 500,000 ounces of gold at an All-In Sustaining Cost (AISC) of $1,094 per ounce.
How do I invest in the Sukari gold mine today?
Since Centamin is no longer an independent company, the only way to invest in the Sukari gold mine is to purchase shares in AngloGold Ashanti (NYSE: AU / JSE: ANG). This gives you exposure not only to Sukari but also to AngloGold's vast global portfolio of gold mining operations.
Conclusion: Looking Past the Frozen Stock Chart
The frozen Centamin share price of 146.00p is a relic of the past—a snapshot of a highly successful mid-tier miner at the moment of its exit from the public markets.
For forward-looking investors, the real story has moved on. The legacy of Centamin, spearheaded by the phenomenal geology of the Sukari Gold Mine and the prospective exploration fields of the Eastern Desert, is now deeply integrated into AngloGold Ashanti.
As gold prices continue to hover near historic highs, the cash generation of these combined assets has validated the £1.9 billion premium AngloGold paid in late 2024. If you want to ride the wave of Egypt’s modern gold rush, look past the inactive CEY ticker and focus your research squarely on the financial performance, dividend distributions, and growth targets of AngloGold Ashanti (NYSE: AU).
