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Member Since: Sun, 11th Dec 2011

Number of Share Chat Posts (all time): 1,561
Number of Share Chat Posts (last 30 days): 10

Last Posted: Sun 20:45

Post Distribution over the last 30 days

Sun 20:45

Cowichan, it's more likely the latter.. The available info is:
1) 15 Egyptian companies have formed alliances to compete for the licences.
2) Mr Taema, president of EMRA, said it was unlikely that 14 companies had applied, refusing to give any details.
3) We will find out the result the middle of May.

It would be such a shame if Egyptian companies got the licences because I know for a fact that it would be a complete failure..
Thu 16:19

Sorry for not posting for a while as I was busy preparing for an urgent quick visit to Egypt next week.

Not much happening in Egypt these days.. As Marmot reminded us this morning, the deadline for applying for the tenders was today, Mr Taema said this morning that we would find out the outcome very soon.

Al-Sisi held a meeting today with the PM and the Petroleum & Mineral resources minister. Part of the discussion was about the tenders.

Weekly shipments have been steady as usual, last one was yesterday (260kg).

Mr Sawiris, one of Egypt's richest men, had an interview with CNN where he confirmed his investment in a gold mine in Burkina Faso with $300 million to start production in December, he said (Gold is gold, when everything goes wrong, it will always remains a safe haven).. and when asked about the countries he was most excited about, his answer was (Cote d'Ivoire, Burkina Faso, and a few others.. where we are..).. the interview is in English, so you could listen to it.

L32 still the same, waiting for the SCC meeting on the 6th May to consider it.

I'm still waiting to get back in, hopefully after I come back from Egypt, if I have enough funds, fingers crossed..
9 Apr '17

Another sad day in Egypt. I'm from Alexandria where the second bomb went off. Our house is very close to that area, all my family are OK, but I know some people who have lost loved ones.
This one could not have been stopped and actually the security team did well to limit the damage. It happened in the city center, where lots of people were walking around, the suicide bombers tried to enter the church from the main gate, the guard stopped him and asked him to go through the metal detector gate, as soon as he went through it it beeped so the officer asked him to step back and then he blew himself up killing scores of passers by, people at the church entrance and the whole of the security team. The stories of many of the victims are heart breaking, but everyone is praising the guard who stopped him from entering the church and asked him to go through the metal detector gate, otherwise he would have entered the main hall of the church and the victims number would have been at least ten times more, sadly that guard died in the explosion. These are some videos from the church CCTV showing the moments of the explosion.

There was no opposition at all to declaring state of emergency for 3 months, which still needs to be approved by parliament , but I'm sure that will not be a problem. Easter is next week which is a big event for Christians in Egypt and it's going to be a worrying one.
5 Apr '17

sorry, I meant Mr.Taema insisting on the "production" share scheme..
5 Apr '17

I personally don't think that we could end-up with all 5 licences through an initiative of CO-OP mining. EMRA stated on its site a few days ago that there was a large turnout for the auctions (first link). They did not specify anything, but with Mr.Taema insisting on the profit share scheme, and with the petroleum minister supporting that approach, and knowing the Egyptian mentality, I could see them giving the licences to any company applying, they would not consider the future success, they would save themselves the embarrassment , especially with the results of such projects only visible 10 years later. Mr.Taema was even talking about auctions number 2 in May (second link)!! Could you see them coming out and saying (Sorry, only a few companies applied and they were not up to the required standards so we will adopt Centamin management idea and go for taxes and royalties as they were right and we wrong).. I don't think so..
4 Apr '17

-The commissioners have advised to reject the whole of law 32.
-The SCC will consider the case on 6th May.
-It could take one or two sittings for the ruling.
29 Mar '17

Are you using troy ounce 31.1gm?
28 Mar '17

352kg shipment today at Cairo Airport.

Total shipments this Q:

352kg (28 Mar)
290kg (21 Mar)
417kg (14th Mar)
391kg (7th Mar)
277kg (28th Feb)
265kg (21st Feb)
367kg (13th Feb)
250kg (9th Feb)
231kg (7th Feb)
321kg (30th Jan)
289kg (23rd Jan)
325kg (16th Jan)
375kg (9th Jan)
399kg (3rd Jan)

That's 4549kg, based on 90% purity that would be 4094kg, which gives 131.643oz.
We will find out soon if these shipments are reliable or not.
28 Mar '17

The SCC does not normally rule on the first date, it normally takes one or two sessions. In the demonstration law the ruling came 2 months after the first date. The first one was in October, then they had another one in November, then the ruling in December.

If the SCC agreed with the commissioners, then law 32 would be cancelled, so the CEY case would go back with the SAC. As we know the case is suspended now, the next step would be for one of the two sides to apply to restart the case, the SAC sets a date and starts again wherever it stopped before the suspension.

If the SCC ruled invalidating law 32 around June, it would be Ramadan and the beginning of summer holiday in Egypt where courts are kind of closed and normally reopen in Sept-Oct, and that's when I think our SAC case could restart, but I have no idea how long it could take. In ideal world you would think that the SAC had suspended the case when they collected all the necessary information for the ruling, so really it should not be long. The only thing I could think of that could cause a further delay would be if the members of the SAC changed by then as of course new ones may need time to look at the case again, but as we know this is the Egyptian legal system and nothing is logic when it comes to time.

Once again, all this would happen IF the SCC agreed with the commissioners regarding invalidating law 32, and to be honest I think they would because their report is too bad.
28 Mar '17

The commissioners have submitted their report regarding law 32 to the SCC. They recommended the unconstitutionality of the whole of law 32.

The SCC has set the 6th May to consider the case.

The commissioners filed a report of 175 pages explaining the reasons behind their recommendation.

The main points were:

The law was not approved by two thirds of the MPs, as it was only approved 374 out of 596 MPs.

The law violates the right to litigate.

The law represents an interference in the affairs of justice and an attack on the independence of the judiciary.

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