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Member Info for Siko

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Member Since: Sun, 11th Dec 2011

Number of Share Chat Posts (all time): 1,659
Number of Share Chat Posts (last 30 days): 15

Last Posted: Today 14:00

Post Distribution over the last 30 days

Today 14:00

According to Reuters, the government will also get 50% share in revenues!!

(Reuters) - Barrick Gold (ABX.TO) will give Tanzania a 16 percent stake in three gold mines, a 50 percent share in revenues from the mines and a one-off payment of $300 million (£227.6 million) to resolve a dispute that has hit its operations in the country, the two sides said.
Today 13:41

Barrick Gold has agreed that Tanzania will own a 16 percent stake in three gold mines operated by Barrick's Acacia Mining Plc , the company and a government minister announced on Thursday.
Barrick Chairman John Thornton told a news conference in the Tanzanian capital that the company had also agreed to pay Tanzania $300 million as a show of good faith.

(Is that good news?)
Wed 15:59

"The parliament will reconsider the contracts between EMRA and two companies to exploit two sites where the contracts come to an end in the middle of 2018," MP Ahmed Samir, chairman of the Chamber of Industry's Industry Committee, said in an interview with the stock exchange.

Samir added that the two companies had the sites for about 10 years without exploitation and production, and the committee will look into the reasons behind the lack of production since siging the contracts.

He said that the current legislative season will discuss the mineral wealth file in Egypt. We can not accept that the contribution of this sector will be 0.5% of GDP.

President Abdel Fattah Al-Sisi directed the development of the mineral wealth sector to increase the country's revenues from it, which does not exceed one billion pounds annually.

Samir said that the sales of one of the companies in the mineral wealth sector is equivalent to Egypt's whole revenue from it, which can not be sustained to protect the economy and provide real revenues to the treasury of the state.

(Obviously the last paragraph is talking about Centamin, so the parliament aknowledges that Centamin is the only producing company in Egypt. Also as we know the parlaiment has to approve any agreement between EMRA and any company for areas exceeding 16sq km, so may be they would question the latest tender results � all larger than 16sq km- as they have now seen companies sitting on areas for more than 10 years without producing an ounce, so may be someone with a brain in the parliament would highlight the fact that results on the ground and credibility are more important than shiny paperwork in auctions. I guess the 2 companies he is talking about are Thani Dubai and Alexander Nubia �Aton Resources�.
Wed 15:55

Just got back from Egypt. The trip was great.
I have checked with someone and was told the shipment on 16th was 447kg, not 425kg as reprted in some sites, so reported Q4 shipments so far are:

447kg (16/10)
416kg (9/10)
395kg (3/10)
11 Oct '17

Hi DoctorK and welcome to our board. With regards to the court case, knowing the way Egypt is run, I'm pretty confident that the government has nothing to do with the cc taking long/short time to get sorted or even directing the outcome. As you know the cc has been filed by Al-Fakharany who actually is an enemy of the state and was put in prison. The government (represented by EMRA and the State Litigation Authority SLA) is defending the contract and the agreement in court, but one thing I know is that the courts in Egypt -believe it or not- are very independent and no one would try to contact the judges to direct a case certain way or rush it. You could see that in the commissioners report with Law32, despite the government's desperation to attract investments, but still the commissioners wanted to cancel law32 with the consequences of deterring investments, which means the government has not or could not affect their decision.
The legal system in Egypt is too slow and everyone is used to it and I posted my personal experience here before.
No one in charge would try to intervene in case they get blamed later, they would rather let things take its normal path rather than them being questioned later. You know Egypt is not politically stable and if a new regime comes later could easily try to look good by questioning the ones in the previous regime. We have seen it when they got rid of Mubarak as many of his ministers were put in jail, and the same when they got rid of Morsi.. So they would rather play it safe and not to take big decisions which of course is stopping them from taking vital decisions that could improve the state of the economy and the whole country.
9 Oct '17

416kg shipment arrived at Cairo Airport tonight from Al-Sukary.

Q4 shipments so far:

416kg (9/10)
395kg (3/10)

In Q3, the shipments added up to 5649kg and the production was 156k oz.. We need the same shipments in Q4 to give the same production figure in order to hit the target, so the magic number to look for is 5649kg.. Anything more means exceeding the target.. The start is very promising.. Today is day 9 and we already have 811kg in the bag.. we have 90 days in the quarter.. easy maths??
9 Oct '17

Shipments were 181k, so that's 86.2% purity.
3 Oct '17

I would like to thank everyone who contributed towards my charity work.. The total came to 485 pounds.. Much appreciated..
3 Oct '17

First shipment from Q4..

395kg shipment arrived at Cairo Airport tonight from Al-sukary.
29 Sep '17

Thank you so much guys for you support and donations. I'm so pleased we are having a good day today and that confidence is getting stronger.

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