George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
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On the previous link.
Equities in Europe traded lower in the premarket on Friday as investors assessed the effects of Israel's reported retaliatory drone attack on Iran. They also anticipated the newest reports on Germany's producer prices and the United Kingdom's retail sales.
The DAX slid by 1.35% at 7:25 am CET. At that minute, the FTSE 100 lost 0.91%. The CAC 40 decreased by 0.98%. The Eurostoxx 50 declined by 1.35%.
The euro fell by 0.11% against the dollar at 7:35 am CET to sell for $1.06315. Simultaneously, the pound sterling went down by 0.16% against the United States currency to go for $1.24160.
Baha Breaking News (BBN) / JR
Happy Friday y’al
Enjoy your weekend
Gold currently $2381.46
Thanks Tornadotony, the Chinese are playing a very interesting game in the metals and resource space. Just have a look at the devestation they brought into the nickel business globally.
"Australia is no longer competitive in the nickel market, largely due to Indonesia’s recent domination in the sector. This domination strategy has been carefully planned by Indonesia as it looks to boost its downstream industrial policy in critical minerals processing with the backing of Chinese investments."
https://www.internationalaffairs.org.au/australianoutlook/indonesias-nickel-supremacy-chinas-backing-and-australias-decline/
It was done in plain sight over a decade or more, but the stupid industry players sat and watched, but then again what could they do ... game set and match ... just took a bit longer
Look at the other critical minerals. China has a long term strategy, whilst the others mugs chase short term profits and flashy quarterly reports etc.
Good luck the mugs, you will need it ... and it is my bet there is a long term play underway in gold by China, and to be frank, there is no way I would base my strategy around the USD if I were them. Its not in their control, its easily manipulated by the masters who own it and print it ...
No doubt the US wont go down without a fight , ... but the social license does not look flash
the gnome
Is that so?
On the Egyptian Uprising Against Electricity Cuts
April 18, 2024 at 8:18 am - by Mostafa Abdelsalam
The Egyptians’ uprising, this time against cutting off electricity, which resembles an Intifada, has valid and logical reasons. In addition to suffering from total darkness and the social and security problems it causes, the deteriorating living conditions, food spoilage, damage to electrical and household appliances, such as televisions, refrigerators, air conditioners and fans, and people being stuck in elevators for more than an hour, Egyptian families are approaching school and university exam dates, which fall in May and June.
Moreover, the crisis is also close to the summer months and, if the power cuts start from now, what will the situation be like when the scorching heat descends on Egyptians during the summer months?
Cutting off electricity will not only affect the livelihood of Egyptians, raise their anxiety and disturb their daily lives, but may also extend to vital sectors such as production, tourism, agriculture, economic growth and businesses.
This is a major issue if we are talking about real plans to encourage direct investment and increase state revenues through the vital export sector. Export contracts will not be signed in the midst of power outages and an increase in the cost of production, taxes and fees.
While one of the reasons given by the government for cutting off electricity since last 17 July is related to the lack of foreign currency needed to finance the import of fuel from abroad, what is the justification now, after tens of billions of dollars have flowed into the state in the past few weeks, whether from the Ras Al-Hikma deal, international institutions loans or hot money exceeding $17 billion?
The Egyptians feel that there is something fishy going on with regards to the electricity cuts because the aforementioned questions and others have no satisfactory answers, most notably: Should the Egyptian citizen have to sacrifice for the well-being of their European counterpart, who enjoys stable electricity, gas at an acceptable price and excellent services in all sectors?
https://www.middleeastmonitor.com/20240418-on-the-egyptian-uprising-against-the-electricity-cuts/
Https://www.zerohedge.com/news/2024-04-18/ross-norman-golds-mystery-buyer
I agree with this article. Few minutes read.
Hi Rebess - Horgan has made clear that they will be keeping and maintaining the full genset as a backup in case of any shortfall in grid/solar energy.
Thanks Siko that's good to know.
As per the government official announcement, the whole Red Sea Governorate (where the mine is) is exempt from the power cuts. The power has never been cut there since they started the power cuts last summer.
Also all industrial and strategic areas are exempt.. You would assume that Alsukary falls also under that section too..
So it's safe to say that the mine is safe from the power cuts.
From an educational standpoint, I thought you all would appreciate this article.
https://twitter.com/KingKong9888/status/1780972640741863563
The prices of precious metals increased on Monday with gold popping 1% as investors seemingly recured to the yellow metal as a safe-haven commodity amid geopolitical tensions in the Middle East.
Earlier, Israeli Prime Minister Benjamin Netanyahu announced that his country will make its "own decisions, and will do everything necessary to defend itself" regarding its response to the Iranian missile and drone attack againnst Israel on Saturday.
Gold jumped 1.09% at 1:15 pm CET, selling at $2,386.94. A minute later, silver advanced 0.55%, going for $28.38. At 12:14 am CET, platinum gained 0.11%, selling at $944.83. On the other hand, palladium fell 0.70% to $1,016.99.
Baha Breaking News (BBN) / RR
Nice recovery in sp for you holders
Hi Cowichan - Where continuity of supply is vital, it would make sense to have emergency generator back-up surely. - Generation capacity already exists at Sukari. - If they have dispensed with said capacity it would amount to an extreme act of folly, almost of sabotage. - I take your point about convenience btw. :)
In the title
Question for CEO Horgan ; what if the decision to switch to Egypt's power grid interferes with Sukari plant operations , and thus gold production ? Or would that be perhaps, a convenience ?
Hamza Hendawi - Cairo Apr 17, 2024
Egyptians faced electricity shortages this week after the government resumed daily power cuts in an attempt to save money.
“It’s hard to imagine an end to power cuts, which are only likely to intensify as energy consumption peaks in the summer,” said Riccardo Fabiano, project director for North Africa at the Brussels-based International Crisis Group.
“The outlook for the summer is quite pessimistic, with a potential intensification in power cuts or other measures to limit consumption.”
The government has been forced to resume the power cuts after facing pressure due to a slump in foreign currency revenue from two of Egypt’s main earners – Suez Canal transit fees and tourism, which have both been affected by the Gaza war and its fallout.
The government also cites a drop in production from its largest offshore natural gas field, Zohra.
The power cuts are described by the government as a small price to pay by Egyptians to save the nation’s precious foreign currency reserves, which are used to import fuel to fire up power stations as well as essential food items and industrial materials.
Last year, President Abdel Fattah El Sisi said the move saved the country a total of $300 million a month that his government would have, otherwise, spent on importing fuel for its power stations.
But Egyptians have criticised the return of power cuts. Many Egyptians are also dismayed that they are enduring power cuts in spring, when consumption is moderate compared to July and August.
Others say they had hoped the recent injection into Egypt's coffers of more than $50 billion in investment, aid and loans would have considerably eased the foreign currency crunch that has crippled the economy for close to two years and allowed sufficient fuel imports.
“By God, it’s so unfair to cut power for two hours every day and you [the government] lightly give that the nickname ‘lightening the load’,” wrote Amir Abdel Fetouh on X. “Isn’t it enough that we have to deal with high prices and the hardship citizens endure?”
https://www.thenationalnews.com/news/mena/2024/04/18/egypt-electricity-power-cuts-summer-hot/
Why so many moaners.
In two months the SP has gone from 90p to knocking on 130 p and likely to rise.Maybe not as quickly but thats ok.
Well seems I got nocked out at about 125 from the drop this morning and its ripped right back up to near the five day MA, Looks like a good shake out and consolidation and it looks like I'll be buying back in tomorrow. :-) hopefully it can push on to 163 and then on to 213 in the coming months up to Q2
As expected, they robbed Peter to pay Paul .
Edit... *Nigh on doubled
I thought that was a decent update but I'm guessing anyone who's nigh on flu led their cash here since last year probably didn't take too kindly to the 250m CAPEX and the higher than guided AISC.
AISC will come down as production is weighted towards H2 and what mine doesn't have CAPEX??
500k ounces clearing 1k is a really easy sum though, will wait to see if we get a further pull back before adding, plenty of time until the next update.
Tornadotony, Hillfog90,
thanks for your lucid posts...
"""we expect production rates to now increase for the balance of the year and reaffirm our 2024 production and cost guidance ranges"""
if this this in good faith, and I don't have reason to doubt it, it is al that really matters now - for me
As in the title:
https://www.marketwatch.com/economy-politics/calendar
Hi Tibbs
Half the gold the mine produces comes from the pit.
The low grades are because material classified as waste turned out actually to be low-grade ore that was nevertheless worth processing.
This was a bonus and a good thing.
The open pit seems to be mining just for the sake of mining , how many times now have we heard they have hit some unexpected low grades!
Why not just be honest and admit that the open pit is to a large extent a waste of money, energy and time!
Reduced their position, would have been just prior to RNS today!
Of course they wouldn't have had any prior knowledge would they?