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http://gate.ahram.org.eg/News/2364644.aspx
Asst Prime Minister said:
Prime Minister Mostafa Madbouli reviewed a report by the Cabinet Information and Decision Support Center on the results of a report by Fitch Ratings in January 2020 on the Egyptian mining and energy market.
The report by the global leader in credit ratings included expectations for the mining and energy sector in Egypt in the near future and some speculations for the coming eight years in light of the current situation in the country.
Fitch expects a strong expansion in gold mining in Egypt.
Centamin is expected to become a major player in the development of the mining sector in Egypt in the next few years.
Thanks Siko.
Best wishes to you and family.
It is what I I have expected.
Very good for both.
Better the devils you know..
Hi Razors,
Ok let's do this.. the English sites ignored the mining part and only focused on the energy part, but if you have a look at this English site :
https://egyptindependent.com/egypts-prime-minister-briefed-on-prospects-for-mining-energy-sectors/
You will see that at the very bottom it says (Edited translation from Al-Masry Al-Youm), and this is the original link from Al-Masry Al-Youm:
https://www.almasryalyoum.com/news/details/1465887
All the English sites used translations from the Egyptian sites, but did not bother to translate the full report. And this is the official link on the government site with all the details:
http://sis.gov.eg/Story/198259/%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A7%D9%84%D9%88%D8%B2%D8%B1%D8%A7%D8%A1-%D9%8A%D8%B3%D8%AA%D8%B9%D8%B1%D8%B6-%D9%86%D8%AA%D8%A7%D8%A6%D8%AC-%D8%AA%D9%82%D8%A7%D8%B1%D9%8A%D8%B1-%D8%A3%D8%B5%D8%AF%D8%B1%D8%AA%D9%87%D8%A7-%D9%85%D8%A4%D8%B3%D8%B3%D8%A9-%D9%81%D9%8A%D8%AA%D8%B4-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A%D8%A9-%D9%84%D9%84%D8%AA%D8%B5%D9%86%D9%8A%D9%81-%D8%A8%D8%B4%D8%A3%D9%86-%D9%88%D8%A7%D9%82%D8%B9-%D8%B3%D9%88%D9%82-%D8%A7%D9%84%D8%B7%D8%A7%D9%82%D8%A9-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A?lang=ar
Hello Siko thanks for your response I understand stand now.
Perhaps I own too many Centamin shares, preventing me from going to sleep at night.
Thanks for the clarity.
Siko if I may, thank you again for sharing...
Dr. Mustafa Madbouly, Prime Minister, reviewed a report from the Information and Decision Support Center, on the results of reports issued by the Fitch International Credit Rating Agency in January 2020, which dealt with the reality of the Egyptian energy market, and highlighted the expectations for the track of the mining and energy sectors in the short time period, And made a set of predictions during the next eight years, according to their economic indicators, in light of the current situation and the latest developments.
Osama Al-Gohary, Assistant Prime Minister and Acting President of the Center, stressed that the Egyptian reality witnessed several developments during the past years, which contributed to improving the optimistic expectations presented in the reports of the Fitch Foundation, as LNG exports in Egypt increased by about 450% during the months. The first five of 2019 compared to the previous year, resuming the country's position as a net source, along with increased production.
El-Gohary explained that at the end of 2019, EGAS granted five blocks for gas exploration to international companies: Shell, Exxon Mobil, Petronas, BP, DEA and Eni, and the companies committed to drilling 21 wells as part of the licensing terms, and oil exploration blocks were awarded to Neptune Energy, Merlon and Eni as well as the General Organization Egyptian Petroleum, Shell obtained three of them, and the companies later pledged to drill at least 39 wells.
Regarding the gold mining sector, the Acting Head of the Information and Decision Support Center pointed out that Fitch expected that the gold mining sector will witness a strong expansion in terms of increasing production and benefiting from international experiences in this sector, pointing out that more is expected to flow From investments to the Egyptian mining sector following the amendment of the Mineral Resources Law No. 198 of 2014, whereby the fees imposed by the government on companies that invest in the mineral wealth sector have been reduced to a maximum of 15% and a minimum of 5%, after the ratio was 20% under the law The old one, which encourages more investors N to pump their money into this sector.
Al-Gohari added that Centamin is expected to become a major player in developing the mining sector in Egypt during the next few years, relying on the Diabetes Mine.
I posted before the Centamin Board statement and forecast that we must expect a retrenchment as momentum traders and short term holders take their penny profits on CFD leverage positions. Foe almost the first time in my investment life I followed my own prognostication and this morning maxed out my wife's ISA for the year on Centamin at the bottom of the market price. Roughly 3% gain in one day although the divi at 6+% was the aim. Now very concerned as to being so overweight in Centamin at the expense of FTSE 100 Johnson Mathey although held since 2003 at about 900 and still holding a fair few.
I am surprised that nobody here has challenged my thoughts on Barrick and having now completed my analysis of when they begin to accrue cash the results at anything above 1500 is astonishing. Happy to compare thoughts with others who have also looked at Barrick in this way. Siko is a star in presenting to this board the statement from the Decision Support Centre. The final paragraph on Centamin being a major centre piece of the expansion programme is in my humble opinion to be taken at face value and may say volumes as to Sawiris and Endeavour wishing to be involved in the action.
Of course all the above may be wishful thinking and as the old saying goes " do your own research"
Bob
Interesting.
I would not worry about the virtues of Barrick or alike other than they have the capacity to capture Centamin, ... but they are not alone.
Its the virtues of Centamin which is the focus of my thought, and the underlying assets which are IN the ground. CEY are undoubtedly working hard to add value by virtue of good management, but the jury is clearly out, and while this is so, CEY is an attractive proposition for the likes of smart acquirers (ENDEAVOUR are opportunistic NOT smart NOR deserving)
CEY mngt and board has to clearly make the proposition and back it up, that they are getting full value from their IN GROUND assets.
They are not there yet, and hence the window of opportunity for the right company (not END, just a little short of the pound)
I expect the window will close soon, the CEY price will appreciate, and we will all be a lot happier.
best
the gnome
[now the bush fires are out in Oz, the rain has caused flooding, the journo's have a new hymn book and the Oz politicians have resumed duty and are too busy shooting each other in the foot, and occasionally themselves!? or other appendages, just a laugh a minute-also a tad depressing..GO GOLD >>>>>>>>>}
Hi Gnome
Many thanks for your valued opinion. I sincerely hope the "window" closes quickly albeit not to sell my shares at a higher price but to maximise long term holding The three points which I consider relevant at present are
1) I believe Management will have learnt their historical lesson and the forecast for the 1st and 2nd half probably under estimated to ensure achieved or exceeded performance.
2)The END approach has raised the profile of Centamin substantially although no doubt the major players will have Chapter and Verse on all possible M&A opportunities.
3) With the new mining laws (of course the devil is always in the detail) and the statement recently by the Egyptian Assistant Prime Minister that Centamin is expected to become a major player in the development of the mining sector in Egypt in the next few years a bargain basement acquisition of Centamin oven ready and leading a major expansion of mining gold in Egypt looks attractive.
Having held CEY for some years I would like to see it achieve full stand alone success
Obviously DYOR
Regards Bob