George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
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Equities in Europe traded higher in the premarket on Thursday after the Federal Reserve's decision to keep the key interest rate the same propelled the Dow Jones Industrial Average to an all-time high close. Investors also prepared for the Bank of England's (BoE) new monetary policy move and the reports on services and manufacturing in Germany, the Eurozone, and Britain.
The DAX gained 0.95% at 8:00 am CET. At the same time, the FTSE 100 advanced by 0.73%. The CAC 40 increased by 0.95%. The Eurostoxx 50 went up by 1.15%.
The euro grew by 0.14% at 7:58 am CET to sell for $1.09371. Simultaneously, the pound sterling rose by 0.06% to go for $1.27933.
Baha Breaking News (BBN) / JR
Happy numbers day y’al
We really couldn’t ask for better market conditions in which to announce the 2023 earnings.
Asia and Europe both trading higher plus,
Gold currently $2207.77
The price of spot gold continued to surge, breaking new records and surpassing the $2,200 milestone.
The increase was seemingly affected by the earlier Federal Reserve monetary decision to keep the rates unchanged for the fifth meeting in a row. The optimism was also driven by the Federal Reserve Chairman Jerome Powell who noted that the monetary policy easing could occur "at some point of this year."
Gold rose 0.69% at 6:59 pm ET, going for $2,201.56. At the same time, silver advanced 0.24%, selling for $25.64. Meanwhile, simultaneously, platinum gained 0.30%, going for $912.28, and palladium rose 0.31%, selling at $1,000.02.
Baha Breaking News (BBN) / DD
Traded a lot since then Paul.
Too busy to post all trades.
You must have realised when I was in and out and in and so on from all of my posts since then :-).
You know I post on data point and frequently post these points.
Currently $2206.91
Did you get back in again after selling them all at a quid on the 5th of March Steve? What did you get back in at?
Hi Dasut. I just meant that if the £350 million in the bank was part of the reason for the share price being over £2 at the time, that if they got to that amount again, with the business seeming to be in better shape that the share price should be over the £2 mark.
Anyway, from now on, i'm going to try harder not to **** people off or get offensive just because i disagree with their position
------------------>>>
lasted all of 5 days
110 tomorrow after Powells cowardice
Big spike first thing followed by quite a lot of profit taking, Hard to know and don't want to jinx anything
I went 50/50.
Will dive in early if good on other 50% or sell off the 50% or hold it if not so good.
I hedged as wasn’t sure with double whammy of fed and RNS.
So far FED done their bit- biggest upside was no change in dot plot which surprised.
Hard to comprehend anything other than good results tomorrow- not one person on this board disagrees with my morning post- and no one said results was surprise to the downside.
But then again no one knows either .
Good luck.
Gold record high, s and p record high, nasdaq record high and so on… barrick up around 3% on close
Thanks Steve.
Alea jacta est
I chose a big HOLD today. With the GP suddenly at 2181 and record revenues of $892million to report I am hoping for a bit of a boost in the morning. GLA
No Cowichan you are wrong. Capital have done a superb job at a reasonable price. It made financial sense to contract out this work because buying the 17 trucks and three excavators to do the work in house and then have to write them off was financial nonsense and you know it. Also a healthy competition has grown between the two fleets Cey and Capital as they vie with each other to to prove which is the best maintained and most efficient at moving tonnes. Picking a good contractor that delivers excellent results ahead of time and budget and sticking with them is good business, good practice and good for the shareholders.
Mind you Dasut they did chuck rather a lot of money down the lavatory on projects they have since walked away from, although granted t was just as well they had some spare cash considering the clear up costs of Pardey and Co's mess!
I take your point Dasut, but those in the industry can be communicated with on their level at any another time during the course of business, these presentations are an opportunity for the CEO to inform share holders and excite potential investor's of a much wider audience.
There inst anything wrong in fact its it's preferable rather like "BBC Any questions" to have an experienced chairperson/journalist /CEO /PR Officer to conduct the meeting and direct the questions those with the relevant expertise and understanding to answer them.
It's restoration of confidence in the company now that is paramount and that is best achieved by excellent communication catering for all levels of understanding of a much wider audience than just those in the mining industry.
Turn that dial all the way...
In 2023, our mining business achieved strong revenue growth, with a 30% increase to $64.7 million. This follows a substantial 49% year-on-year growth in 2022. This growth was underpinned by consistent operations at Sukari.
Employing over 400 individuals and deploying a fleet of 17 trucks, 3 excavators, alongside other support equipment spanning a four-year term, the waste mining contract involved moving 120mt of material. Capital Mining is currently on track to complete the contract six months ahead of contracted requirements by mid-2024 and is expected to operate at full capacity until then.
And looking ahead to 2024...
Capital saw a number of contract renewals - most notably Centamin’s letter of intent to renew our drilling services contact at the Sukari mine, Egypt, commencing in January 2025. The comprehensive agreement, which includes both blast hole and grade control drilling, will extend our activities on site to the end of 2029
(And regarding Centamin purchasing Capital's fleet of camels at the end of the deal)
Mobile diesel consumption constitutes the largest proportion of our emissions and is therefore a primary focus for reduction initiatives. One of our focus areas for 2024 will be a review of our Heavy Mining Fleet, due to the ages of the trucks and the more demanding operating conditions (deeper pit access)
https://www.capdrill.com/media/investors/Financial-Results/4.05.02-Capital-Limited-31-December-2023-ARA-signed.pdf
My cut & paste thoughts:
For the faithful Martin Horgan fans, for Capital to thrive financially, Centamin's free cash flow (FCF) had to be decimated - in 2021 Centamin's FCF was negative $6 million USD and in 2022 it was negative $18 million USD
Tomorrow we'll know Centamin's 2023's FCF numbers, but as we can see from Capital's 2023 results, it all comes at the expense of Centamin shareholders. What a good CEO Mr Horgan has been - for his Capital drilling cronies! All that contracted waste could have been moved by owner operator , saving a hundred million plus plus of Centamin shareholder cash
H Spot,
Yes that's right , although with the "caveat" when the contract is finished, although I understand from someone on the inside that an extension of the contract in some form may well be likely, hence my reservations about getting too excited about the imminent update.
The price of precious metals grew immediately after the Federal Reserve unveiled its monetary policy decision on Wednesday, with the central bank deciding to hold the rates unchanged for the fifth meeting in a row.
The policymakers appeared to be confident in implementing three rate cuts this year which seemed to increase appetite for safe-haven assets.
Silver gained 1.55% to $25.30 per ounce at 2:07 am ET. At the same time, gold rose 0.78% to sell at $2,175.20 per ounce, palladium jumped 1.27% to $989.00 per ounce, and platinum added 0.58% to go for $901.80 per ounce.
Baha Breaking News (BBN) /
Gold currently $2165.10
Paul, I wasn't sure if having £350 million sitting in the bank with interest rates at close to zero was actually doing them any good and at the end of the day it was a false profit.
The die is cast.
GLA, whatever your position.
:-).
OK you have to realise Horgan is a Mining Engineer not a public speaker also he is used to addressing people in the Industry and I don't have any problem understanding or following what he is saying and like his enthusiasm.
I once attended a mining presentation and soon understood that they talk a different language to the guys that up until then I dealt with like Civil Engineers, muck shifters and Plant Hire types.
Miners believe it or not are far more detailed and cover the whole gambit and from the mining presentation it became obvious that I needed as least one mining engineer on my team and never looked back.
I also attended a presentation where they employed an actor to deliver the presentation and to be honest it lost the passion and fortunately I was told that the presenter was an actor after the presentation because I was far from impressed. The reason for the actor was because the author of the presentation wasn't confident in presenting to the people in that specific audience as it consisted of politicians, dignitaries, bankers and also government consultants. The presenter didn't answer any questions and passed questions to other members of the team.
They were successful with the project and most of the audience went away happy so guess it is horses for courses.
I'm right in thinking that Centamin have the chance to buy the trucks that have been used for the clear up ?
Well said Paul,
i do apologise I misspelt your name in my previous reply to you!
Tibbs
Hi Dasut,
I fully appreciate that in effect over the past 4 years we have been paying a heavy price the processes the previous management should have been doing out as a matter of course, although unless i misunderstand had the these waste clearance procedures been carried out as part of the day to day operation as they should have been it would have been much easier at that time and far less expensive than doing it over the past four years.
Paul is correct I did post that Martin Horgan really had only one option to do whatever needed to be done it the objective was to make the Sukari operation safe and commercially viable.
Martin Horgan hasn't upset me, although his presentations irritate me, he is is obviously highly experienced and competent in running a commercial mine, however that said unfortunately his presentations are always far to rushed, Martin rattles through a huge range of issues at such speed that their is'nt enough time for the audience to adsorb the facts and so the presentation loses much of its intended purpose.
If only Martin would just slow down and pause at times, he would be far more convincing, pauses serve critical functions for both the speaker and the audience during a presentation
For the speaker, a brief pauses allow time to breathe, to emphasize key points, transition between ideas which can prevent rambling and importantly for the audience the pauses provide time to digest information and understand non verbal cues from the speaker.
If only Martin would get into the habit of slowing down a little and making some pauses his presentations would be more convincing and have far more impact!
You did quote 2.3 year pay back, I just though it wise to allow for any unforeseen expenditure etc.
I really do hope that Martin Horgan and his team prove that they are in a different league to the Pardey & Co, lets hope they prove it and deliver
That seems a pretty fair summing up to me. Given the situation when e took over, he seems to have been getting things put into place that need too be and should have been before e took over. I think MR T ? put up a post over a year ago where someone had said that Horgan was doing what needed to be done?
I think you are right that the time to judge is coming soon. With the waste contact coming to an end, hopefully AISC will be at the lower end of the the estimated figures for the coming year and the POG will hold at these levels. IF that happens we should get a decent dividend.
What will it take for that and a good rise in the share price? Well when we were up in the £2's , I think they had around £350 million in the bank? If they got anywhere near that figure, the share should be flying as Horgan has made the mine a properly working mine and not a short term, high grading , Ponzi scheme.
Tibbs I didn't say that I have an aversion to Cut and Paste what I said is I re read the Doropo 2023 Technical Report and the cut and paste message is basically all covered in this report.
You keep on making reference to things that happened prior to 4 years ago. Tell me what Horgan has done to upset you not what the previous twits did.
Like you I am equally p....d off with the blind alley that Horgan and his team found themselves in when a relatively minor mining occurrence of some unstable ground occurred, if it hadn't been noticed and a slip occurred then this would/could have been a serious mining issue. This minor occurrence turned into a major issue because there was nowhere else to go.
Had Horgan had time to layout and present a plan to get back to basics then I am sure the impact on the SP wouldn't have been anywhere near as dramatic, but regardless of the earth moving I am sure he was already putting plans in motion because decisions were made quickly and more contractors than just Capital had been asked to provide numbers relating to a major waste removal project.
Yes he has spent a fortune but the fortune he has spent is what should have been spent by the previous twits .
The time to judge Horgan and his team is fast approaching when the Capex is to be reduced considerably in the line of catch up. Planned Capex is still important however as equipment gets older, further developing cost savings relating to power sees a return so positive to improving the bottom line. Exploration into new resources is also important as all businesses need to grow their saleable assets.
All new developments relating to mining come with high risk and Doropo is no different. Little Sukari sounds promising but unless someone has previous knowledge of the potential very little will be seen by the way of ounces for several years, and time is a risk in itself.
I am not having a go at you I am just trying to take the emotion out of the discussion and ask what numbers don't you like or understand and the said pay back isn't 3 years it is 2.3 years.