Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc. Watch the full video here.
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I sold the ones I bought last week for 108 for 111.5 this morning, hoping to get them and a few other back for about 110. Usually when I sell they go up--------and when I buy they go down.
I am not a trader, but have done a few recently as the dividend is so low.
Thank you Cowichan, this behaviour certainly doesn't demonstrate any genuine commitment to the appreciation of the Centamin shareholders, but it does demonstrate an arrogance and scant regard by throwing us a few top table scraps whilst filling their boots to overflowing for what exactly,just doing their job.
What may be a fitting analogy to our situation,
Senator : The war's over. Our side won the war. Now we must busy ourselves winning the peace. And Fletcher, there's an old saying: To the victors belong the spoils!
Fletcher : There's another old saying, Senator: Don't pi*s down my back and tell me it's raining!
https://www.youtube.com/watch?v=PpwJ1n7g1pM
It's not about wishing things were worse for anyone, it's about bringing about fairness and parity for everyone and treating all the inhabitants of the world as you would hope to be treated yourself.
The secret to happiness is really no secret at all. Love your family and count your blessings.
Even the poorest people in this country are better off than 95% of the people in the rest of the world and 100% of people from previous generations. Green eyed envy WILL give you mental health problems. Should you put up with being exploited? No. But you should look at your own situation, not compare yourself to others, wishing things were worse for others won't make them better for you.
Major stock equities in Europe traded higher in the premarket trade on Thursday in anticipation of fresh data on Britain's economic growth, as well as reports on retail sales and the unemployment rate in Germany.
London's FTSE 100 rose 0.20%. The Euro Stoxx 50 grew 0.24%. Frankfurt's DAX was flat. The CAC 40 added 0.12%.
The euro lost 0.11% relative to the greenback, trading at 1.08161. The British pound was down 0.12% against the dollar, selling at 1.26250.
Baha Breaking News (BBN) / AB
Gold currently $2198.42
Good Friday tomorrow,
markets closed.
Enjoy your Easter y’al 🐣
Consensus EPS estimates fall by 12%
The consensus outlook for fiscal year 2024 has been updated.
2024 EPS estimate fell from US$0.147 to US$0.129 per share.
Revenue forecast steady at US$949.1m.
Net income forecast to grow 62% next year vs 21% growth forecast for Metals and Mining industry in the United Kingdom.
Consensus price target broadly unchanged at UK£1.38.
Share price rose 4.6% to UK£1.11 over the past week.
16.01.24
Our pathway to economic success and higher living standards doesn’t involve lavishing more money on people who are already multimillionaires. Luke Hildyard writes for the Times.
Firstly, it is widely recognised that inequality exacerbates socio-economic problems. The UK has amongst the highest income inequality of any advanced economy. Research has found convincing evidence of a link between wider income gaps across societies and issues like physical and mental health problems, higher substance abuse, lower social mobility and worse educational outcomes.
Secondly, there are opportunity costs of executive pay for the wider workforce. While distributions of income and wealth are not a ‘zero sum game’, it would be naïve to think that huge top pay awards have no impact on pay and living standards for low- and middle-earners. Some major UK employers spend tens of millions on two or three executives alone. This inevitably means there is less available for their lower-earning colleagues.
Some argue that because executives take decisions that affect the value of billion-pound companies, they deserve to be paid millions. But no CEO operates in a vacuum. They depend on multiple colleagues to advise and execute decisions plus business processes and infrastructure that have been built up over decades at most large corporations. It is far more common for them to be rewarded for being in the right place at the right time than for genuine enterprise. The highest-paid UK executives last year included the CEOs of arms manufacturers and oil companies, who benefitted from a massive spike in demand following the invasion of Ukraine. For the CEOs to pocket multi-million pound bonuses as if they were responsible for this success is plainly ludicrous.
Ultimately, the number of candidates capable of filling executive roles is a function of the number who are given the training, confidence and opportunity to do so. There isn’t a tiny and fixed number of people with a god-given talent for business management. In an economy with the right approach to education, skills and opportunity, CEOs refusing to work for more moderate pay would be easily replaceable.
The pathway for economic success and higher living standards in Britain doesn’t involve lavishing more money on people who are already multi-millionaires. It means empowering the wider workforce to get a fairer share of the wealth that their labour creates.
Chicken feed compared to the boss of British Gas. Worlds gone nuts.
Absolutely right Paul,
We are all this this together, although it seems that has quite a different interpretation depending on whether or not you are are the top table or one of what they regard as the "Plebs" that is those that have actually bought shares. but never the less get sh(it on from a great height!
This is what's wrong with society where CEO' s take up post on very handsome remuneration packages with expenses, but then when they just about do the jobs they are more than adequately paid they think its their right to expect huge bonuses as well whilst telling the "Plebs" (Us)that times are hard and we need to pull in our belts in , but "Good times might be coming" if this latest gamble on Doropo works out, if not what does it matter its your money that will have been chucked down the lavatory , but that's mining and you can never be certain what's around the corner, except that is for the next bunch of parasitic BOD who will have your pants down all over again!
So why is the share price still on it's ar(se in the sick bucket and the dividend reduced to ar(se scrapings if all is going so well that the two top men get these huge bonuses?
Its a bit better than a 2 cent final dividend isn't it?
Exactly Cowichan, noses in the trough, as always, a 75% bonus just for doing what they are already being paid to do anyway!
Oh sorry I mean after all they did have to jump over a pretty low bar, phew so hard!
I wonder how many shares each of them will buy?
Yet they cut the already derisory dividend to 2c!
Talk about jobs for the boys!
This is taking the micky out of shareholders, more now so than the bunch before them!
Martin Horgan’s total bonus based on a formulaic assessment of all the targets (financial/objectively measurable plus personal/strategic targets) was 76.38% of his maximum bonus opportunity.
As a result, Martin received a bonus of £675,963 or 115% of salary.
Ross Jerrard’s total bonus based on a formulaic assessment of all the targets (financial/objectively measurable plus personal/strategic targets) was 75.38% of his maximum bonus opportunity.
As a result, Ross received a bonus of £443,847 or 94% of salary
Annual bonuses up to 75% of salary are paid in cash.
My Thoughts:
When you control the height of the hoop, it's fairly easy to jump through. Good thing CEO Horgan personally poured those last 53 ounces of gold just in time...
Https://www.lse.co.uk/rns/CEY/2023-annual-report-and-sustainability-report-x1tzposh6axsl8u.html
Equities in Europe traded higher in the premarket on Wednesday with the Bank of England's (BoE) latest meeting minutes taking center stage. Investors also await for Spanish inflation data for March.
The DAX increased by 0.10% at 8:01 am CET. At the same time, the FTSE 100 rose 0.22%. The CAC 40 was 0.15% higher while the Eurostoxx 50 added 0.08%.
The euro was flt compared to the dollar to change hands for $1.08319 at 8:02 am CET. The same minute, the pound sterling lost 0.06% against the greenback to go for $1.26199.
Baha Breaking News (BBN) / RR
Happy hump y’al
Gold currently $2177.48
I confirm that - plenty of doubling up about, though!
Hedge was put in place:
• Gold price protection programme implemented for the twelve months to June 2024, with the purchase of put
options for 240,000 ounces of gold at a strike price of US$1,900/oz
Gold was about 1,950 at the start.
Dropped to about 1,820 low on 4th Oct (eveyone was praising Horgan at this point)
Gold rose back to 1,900 and above from around mid October
You can do do the maths on the cost of the hedge against oz sold.
As I said earlier - it was needed due to the company position at this point.
Thanks skydriver - and no I'm not skydriver as well!
Well Done Paul & Cowichan,
Than you for taking the trouble to do the analysis of the finer details of the company report and also for writing to Mr Horgan, something very few people do, you both deserve to get answers to your questions.
After 14 days or so if you don't get the answers you require then you could consider notifying the company that if they don't respond appropriately within 7 days that you will be referring the matter to the regulator.
Fair comment Robbie,
Not long after Martin Horgan took up post he was asked if he would be interested in discussions on how the company could be earning around 6% plus interest on it's cash pile by having it invested in Swiss vault held gold bullion that could converted back to cash via the blockchain for immediate deposit into the company account , as part of this arrangement the company could also be earning a cash back of around 0.7% on all company spending via a Visa compliant blockchain system and in addition the organisation would commit to purchasing all the Centamin production at above spot prices for processing in Swiss smelting facilities
Martin Horgan said that the sort of people he dealt with wouldn't be interested as they expected at least 30% return.
The reality is four years on a much depilated cash pile , many millions spent of clearing Sukari of waste, money spent on hedging POG and the company has taken on a debt facility whilst the share price remains more than halved with pathetic dividend of 2ents?
Hi 3bear,
Your analogy regarding the hedge of $1900 is a valid one to some extent, however that said considering the world wide central bank buying of gold, the opinion of wholesale buyers and the increase in global conflicts along with the implementation of Basel 3 any significant and sustained gold price drop back below what may be regarded as low bar of $1900 was a bourne likely out of Martin Horgan desire to retain enough funding to develop a new project that being Doropo Cote D’Ivoire.
Whether this will turn out to be money well spent remains to be seen and whilst Martin Horgan's enthusiasm for the project is very evident regrettably the same can't be said about his enthusiasm to demonstrate confidence in his own strategy by committing to a significant purchase of over a million shares?
In the mining industry Its all too common, easy and painless for CEO's with none of their own skin in the game to take risks with their shareholders money!
Excellent post - tks.
Paul and Robbie understand how frustrating Cey is especially in light of bumper dividends in the past. To put the other side of the argument for a minute - the current dividend pay out is 55% of free cash flow which is well above the 30% minimum we are entitled to. The company continued paying dividends even during the costliest stage of the Sukari reboot with gold down at 1700-odd when FCF turned negative - they didn't have to pay us anything at all at that point but did.
The hedge on 1900 was not an attempt to predict the GP it was insurance in case the GP fell with Doropo about to get the green light when they.'re going to need $400m in the bank. If your house doesn't burn down you don't say to yourself what a waste my insurance premium was - although £6million is an expensive policy I'll give you that.
Also Paul appreciate you would prefer cash now but remember Warren Buffett never paid a dividend in his life. Appreciate Horgan is not Buffett and none of us has unlimited time but I'm excited to see what Horgan does with the turbo-boosted cash pump he has created at sukari. I don't think paying a bigger dividend is anywhere near the top of his list unfortunately.
A cargo of cotton was saleable 200 years ago but with no mills left to manufacture it ,and no more golden triangle .
Now sold by Primark and Ali Ba Ba ready made and direct from the East , at quarter the price. That cargo is only an insurance write off ,with zero chance of being paid.
But a good pointer to countries living in their past glory.
Contrary to the opinions of some, both Egypt and Centamin are in a good position !!
In his defence, at the time cash flow was not looking good- available apex continuing to drop, many experts were predicting lower gold (I recall Sotolo posting an expert who was also wrong). At points in the hedging time gold did drop a bit so would be interesting to see the real cost v benefit of the hedge. Had gold dropped (beyond the threshold) with no hedge, cey would have had to dip into the loan facility or at very least close to it and there would be no dividend whatsoever.
to bring us to now- giving away more than the current divi would be irresponsible based on their figures and would have sent the share price lower for sure.
Paul, like you I am a long term shareholder and disturbed by the lack of consistency shown by our CEO. At the 2023 AGM Mr. Hogan forecasted that the gold price would drop and announced that the company had spent millions of dollars on a hedging strategy, He was wrong. He then used this as a justification for slashing future dividend expectations. In fact the gold price rose in 2023 and the eps increased by 27 per cent. Mr. Hogan`s response was still to slash the dividend by 39 per cent ! Keynes famously said "when the facts change I change my mind ". It`s disturbing when CEOs cannot follow this approach, but Mr. Hogan has shown little commitment to the company by buying very few shares while being paid a very large salary.