The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Broker upgrade I believe, raised to outperform
I've just come on and wondering the same??
Short closing imho . Big ut last night
Boing…
Nice bounce on market opening ;-)
Bit of a jump at open, any news?
Major European stock indexes traded mostly higher in the premarket session on Friday, as traders digested the latest European Central Bank (ECB) decision to keep interest rates unchanged. In addition, market participants were monitoring the third quarter financial results of Sanofi, Eni and National Westminster Bank.
The DAX gained 0.22% at 8:00 am CET, and the FTSE 100 rose by 0.41%. The Euro Stoxx 50 0.15% at 8:00 am CET, while the CAC 40 lost 0.08% a minute later.
The euro was flat against the dollar at 7:58 am CET, to sell for $1.05673. The pound added 0.06% against the greenback at the same time, going for $1.21353.
Baha Breaking News (BBN) / JJ
Happy Friday y’al
Enjoy your weekend!
Gold currently + .22% $1989.26
Dont you all "Fink", ;-)
Wrong link below,this is the right link
Turkey has hiked its main interest rate from 8.5% to 15%, reversing one of President Recep Tayyip Erdogan's unorthodox economic policies.
The 6.5-point rise was far lower than economists were expecting, but it marked a major shift in policy by his new economic team brought in to tackle rampant inflation.
https://www.bbc.co.uk/news/world-europe-65971791
turkey has hiked its main interest rate from 8.5% to 15%, reversing one of president recep tayyip erdogan's unorthodox economic policies.
the 6.5-point rise was far lower than economists were expecting, but it marked a major shift in policy by his new economic team brought in to tackle rampant inflation.
turkey's leader has until now insisted on keeping interest rates down.
inflation is almost 40% and turks are in the grip of a cost-of-living crisis.
the head of turkey's central bank, hafize ***e erkan, 44, was only recruited from the us this month in the wake of mr erdogan's re-election as president.
https://tinyurl.com/7nnbpp6y
Thank you Kokomo,
Andrew Pardey and Youssef El Raghy were predicting over 600,000 oz in the Eygptian media in 2018, just three weeks later they issued an RNS warning of cut in guidance warning due to hitting unexpected low grades (which they knew about in 2015) and the only underground LHDR self destructed without having a contingency plan or spare parts available!
So most long term holders will believe this article when the promised guidance and the reduced aisc are actually delivered !
A rare opportunity has opened to bring our demands directly to one of the most influential decision makers at the Bank of England; Chief Economist Huw Pill.
Yes, this is the same Huw Pill who said people just “need to accept” being poorer - so this is your chance to set him straight. [1]
Join the Bank of England’s free online event at 5pm on Monday 6th November, and submit a question in advance.
Here are a couple of examples you could use, though feel free to come up with your own!
Do you agree that higher interest rates are punishing the lowest paid? As suggested by other officials at the Bank like Swati Dhingra.
Is it fair that big banks are making billions in windfall profits at the public’s expense due to interest rate rises?
What impact is climate change having, and will have in the future, on the price of food and other goods? Should the Bank of England get ahead of ‘climateflation’ by reducing how much banks’ lend to fossil fuel companies?
Too many politicians and economists are out of step with the rest of us Antony. Insensitive comments and policies that embed inequality prove that. As a people-powered movement, this is an opportunity to come together, get our voices heard, and demand solutions that work for people and planet - not profit.
https://tinyurl.com/2p9znsm3
Global Mining Company Centamin Will Increase Production in Sukari Mine
Egypt's gold production currently stands at around 15.8 tonnes per year, with the Sukari mine being the primary contributor.
Centamin, a leading global gold mining company, announced that they will significantly increase production at Egypt's renowned Sukari mine by 14.74%, reaching 506,000 ounces (over 15.81 tonnes) over the next nine years, ending in 2032. This expansion is projected to surpass the 440,974 ounces produced in 2022.
As the operator of Sukari, Centamin expects the mine to yield an average of 475,000 ounces per year for the remaining two years until its productivity life concludes in 2034.
“The new life of mine plan demonstrates our commitment to maximising cash flows. It not only represents a significant improvement over previously published plans but also includes lower operational risks compared to the past and achieves a notable reduction in carbon emissions,” CEO Centamin, Martin Horgan, tells CairoScene.
Since 2009, Sukari has been Egypt's first large-scale modern mine, boasting a production milestone of five million ounces of gold by 2022. With approximately 11.11 million ounces of reserves still available, the mine holds significant potential for further extraction.
Egypt's gold production currently stands at around 15.8 tonnes per year, with Sukari, located in the Eastern Desert, being the primary contributor, as reported by the World Gold Council. The country's gold exports witnessed an impressive 45% growth in 2022, reaching USD 1.633 billion compared to USD 1.126 billion the previous year, according to Egypt's General Organisation for Export and Import Control.
The Egyptian government launched new tenders for gold and precious metal exploration and exploitation in the country during the second half of 2023. The state-owned Shalateen Mineral Resources Company (SMRC) extended its bid round for gold exploration and exploitation in the Eastern Desert, with a new deadline set for November 9th.
https://cairoscene.com/Buzz/Global-Mining-Company-Centamin-Will-Increase-Production-in-Sukari-Mine
turkey's central bank hikes key interest rate to 35% to curb inflation
the turnaround began in june, when turkey's president recep tayyip erdogan — who spearheaded the controversial policy stance — appointed former wall street banker hafize ***e erkan as new central bank governor.
erkan, turkey’s first female central bank chief, was a former managing director at goldman sachs and co-ceo at first republic bank.
she is also turkey’s fifth central bank governor in four years.
https://www.cnbc.com/2023/06/09/turkeys-erdogan-appoints-hafize-***e-erkan-as-central-bank-governor.html
----------------------->>>>
egypt's inflation rate isn't far behind.
economically speaking, egypt's pres. sisi is known for promising economic action but never pulling the trigger - and appointing friends and associates from the egyptian military - often for life instead of folks with pertinent experience. which strategy will win in the end, i wonder?
Hi Tibbs
There has been an undoubted movement by major players
(certainly not us minnows of minority holders) to move this SP downwards against a large swing in Gold Prtice to the up side. Others will be able to adjust the current up trend in G/P against current and forecast oz;s . Just mypersonal viewpoint . the major holders have decided that the Company is ripe for a takeover in favour of whichever Companies they have substantial holdings in. All a bit conspsdpirational . Yeah conspiracies seem over the last ferw years to have more than substantial legs . I equally would not discount the baksheesh that a mjor would have in favour with the Egyptian mining authorities. Hope I am really and totally wrong !!!!
Ah okies Tony-.
On support lines- I don’t use as you know just events.
What this stock needs is results on significant AISC reduction- actual RNS results and not more projections of it coming down the line.
I agree with Mr T comment on his need for the results of the LinkedIn post - and the ensuing protections. I accept cey can, of course, only project with this one. And I also agree with his comment the other day that they must deliver on q4 promise- the 30th oct answers may provide us with a better view on whether they will on not- but of course we won’t know until the RNS comes out.
Welcome MrMyth,
Hindsight is a great thing, certainly to any long term holders!
Don't count your chickens just ye,t or at least not until after the next quarterly update!
Far too much time looking forward, just get on with releasing the results!
Egypt's gas production dwindled by 10% yoy in the first 8 months of 2023, a decline of 4.5 bcm in absolute terms. this steep decline is reflective of the country's aging gas fields and growing upstream issues.
the ramp-up of Israeli piped gas (up by 50%) partly compensated for the lost domestic production, adding just over 2 bcm to Egypt's gas supply mix.
with the Tamar field now being shut for almost a month, Israel's own gas production plummeted by an estimated 40% (or 0.8 bcm) in October, leading to lower piped gas exports to Egypt.
according to media reports, Israeli piped exports to Egypt dropped by 70-80% compared to the first eight months of 2023, translating into a decline of over 0.5 bcm month-on-month.
lower Israeli piped gas deliveries will ultimately weigh on Egypt's export capabilities this winter. Egypt exported around 4.5 bcm of LNG to Europe during the 2022/23 heating season.
considering the upstream issues in the country and the reduced Israeli piped gas availability, Egypt's LNG exports are most likely to dry up this winter, adding to a tighter winter gas balance in Europe.
what is your view? how will Egypt's gas and LNG production evolve this winter? how could be Tamar impacted by a prolonged shut-in?
https://www.linkedin.com/posts/greg-moln%C3%A1r-38601171_gas-lng-ttf-activity-7123200352794898432-UPos
-------------------------------->>>>
a Q for CEO Horgan - is the risk of switching to Egypt's electrical grid worth the upfront costs and threat of sporadic disruption/escalating costs? The ESG benefit is negligible as Egypt produces 90% of its electricity from fossil fuels (mostly oil, some gas)
time to forget about optics, and think about adding value for shareholders
✅ Our first Eastern Desert Exploration (EDX) drill campaign is now complete! The 16,000 metre programme focussed on the Nugrus block, immediately adjacent to our #Sukari Gold Mine.
👏👷 Kudos to our dedicated #exploration team for their hard work and unwavering commitment to #health and #safety, resulting in an incident-free campaign.
We look forward to sharing the results soon!
👀Read about our #EDX project: https://loom.ly/lK4Ropg
#CEY #Growth #People #Protect #Gold #Geology #NubianShield #Egypt
https://www.linkedin.com/posts/centamin-egypt-pharaoh-gold-mines_eastern-desert-exploration-edx-centamin-activity-7123216658998923264-dHVC
Steve I was not referring to Centamin back in 2011 but the FTSE 100 gold miners at that time.
Just noticed SP 500 has lost the support lines and starting to break down. Next line to hold is at 4116. Something big is starting to unfold.
JamesLavish .
US debt piral to trigger major credit event.
But then of course these commentators have to stay in the limelight.
CEY the trades are down each day, a reflexion of the nervousness on all markets in general.
I tend to ignore "fair value" as it's meaningless- the only value that matters is the actual value.
For the SP to rise, it needs the correct indicators to produce and then it will move up- "fair value" is not an indicator or figure, it's just an opinion...
Tony,
CEY dropped about 20% between June2011 and September2011, it didn't rise 50%.
None of those figures matter, I feel like a broken record.
Inflation, inflation, inflation, inflation!
Gold has not risen a the same rate since the CEY highs in Septmeber2020, but the costs have as inflation has added a clot here (on top of the additional stripping of course).
What's key is going to be what % of CEY cost base will deflate- eg what are their cost items eg fuel that will actually deflate, rather than simply inflate at a slower rate than now.
If the product you are selling doesn't rise at least as fast as the costs you bear- you are not in a good place.
The rise in oz's helps with volume against certain costs but not all costs.
Equally, as GDP continues to rise and the US economy doesn't seem to suffer due to the FED rate rises, the FED will keep rates higher for longer in fear of greater inflation so other costs go up.
Need a step change- and these must be in ACTUAL RNS release with ACTUAL results, not promises alas.
A decent UT/Closing price for the day in the end with Gold prices holding firm, CEY is undoubtedly trading very much under “Fair Value” here, particularly if Gold extends gains above the $2,000 resistance (a connecting bullish trend line is forming), GLA.