Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Alas it’s PM’s- cos we are a stock and most are suffering - my stop loss cut in earlier today - twice in row I’ve lost in day trades- tough market at the mo, crypto going well though as is gold .
Just an opinion, but I think Centamin trashing its credibility in recent years and blowing its piggy-bank reserves has a lot to do with market-sentiment here.
Pual
It is rather odd.
Suggest we have a major shareholder selling... could be taking a profit off the table (LT shareholder?) or could just be rebalancing the portfolio using other peoples money.
All the rubbish around the globe must be supporting gold, and it does look like the players are trying to expand the war efforts in Europe (Glad we live in Australia, people still dont now we exist)
I dont think Doropo is a dog, and do think the CEY team has the capacity to deliver the project...they have more than Doropo in Ivory Coast, and it is a good geological place to be hunting for gold ...
I dont think the sky is falling ... but isnt the media having a ball ... they did a cracking job with COVID and now back on the old playground, Russia, US, Israel, Middle East, China steaming ships thru the Suez, Hospitals being bombed (?)..be great if they were held responsible for the fear they cause...
So some heretical thoughts ... but great time to buy CEY
cheers
the gnome
Paul it needs some thing positive both in terms of increased ounces and news. Neither of which CEY is doing. Moribund.
might well be a better bet than centamin !
the centamin hare price remains well and truly '******ed" despite the pog nearing $2000, i suppose it shows the the market isn't convinced, but then ir have gone into silent mode and the fti outfit appears to be pretty clueless to say the least, although too be fair they are likely both working to a remit that involves censorship of the true facts and instead are slick presentations that involve kicking the can down the road promising better times sometime in the future unless of course there are more unexpected pit wall collapses or any other excuse!
"doropo'"they can't even sort out eygpt properly and yet they talk about chucking millions into a west african project?
What will it take to get this share moving upwards?
It seems that even the jump in gold isn't doing much, after that rise and fall back in the share price the other week.
I keep muttering to myself ----"Waste removal contract coming to an end, AISC falling ,gold price up" --------but what will it take?
Is there a problem with UK gold miners' prices? gold price is up again today and we are still down? Are we waiting for us market to open? It happened last Friday and now today???
Major European stock exchanges traded flat to higher in the premarket on Monday as investors braced for a week packed with corporate earnings. In the coming days, the European Central Bank is also expected to reveal its latest monetary policy decision.
The DAX and the FTSE 100 stood flat at 8:02 am CET, while the CAC 40 edged up 0.07% and the Euro Stoxx 50 rose 0.33% at the same time.
The euro was down 0.18% against the dollar at 7:58 am CET, selling for 1.05765. The pound traded 0.13% below the greenback and went for 1.21489 simultaneously.
Baha Breaking News (BBN) / AY
Happy Monday y’al
Projects at Capital Ltd (CAPD), previously known as Capital Drilling, are on track but the market is giving no credit to its investment portfolio, says Berenberg.
Analyst Richard Hatch retained his ‘buy’ recommendation and increased the target price from 169p to 173p on the Citywire Elite Companies AA-rated mining services company, which closed unchanged at 77p last week but are down 20% this year.
A third-quarter update showed revenue slightly below Berenberg estimates, but it observed that ‘key mining and drilling projects are on track’ and the group ‘also provided an investment portfolio update, noting an increase in value by $5.7m to $47.8m’.
‘Capital’s holding of Allied Gold, which listed during the third quarter, with a market capitalisation of CAD1.3bn, was worth $10m as of 30 September,’ said Hatch.
‘Overall we view this as a steady update from Capital, but we highlight the positive investment portfolio update which is 25% of its market cap and given no credit in its valuation, in our view.’
Thank you Dasut for that insight!
Tornadotony Shanta a mining company formed in 2005 a company looking for a new CEO and struggling to produce 25,000 ounces a qtr. Market value of £110 million. AIM listed SP less than 11 pence.
West Kenya has been promising for quite some time and I visited the region back in the late 1990's and we all got excited when Barrick became involved but they sold to Shanta in 2020 so I wish Shanta luck because the grades look amazing.
Singida is new but a relatively small resource "So far".
My view is a neat junior but doubt it would fit into Centamin's core business plans.
Hi Tornado,
I understand from a mining professional that it all depends on the cash flow performance of Shanta.
Once you have that information then compare the current reserve grade with historical processed grade which will give a good idea about how attractive the company is.
Also look at prospective remaining life of mine.
Hi Tornado,
On first impressions your idea makes a lot more sense than trying to develop Doropo!
Last updated: 2023/10/21 at 11:27 PM
Egyptian government plans to borrow EGP 1.263tn from local market
Egypt’s Ministry of Finance aims to issue 52 T-bond tenders worth EGP 1.186tn and 26 T-bond bids worth EGP 41.5bn between October and December 2023. This reflects the government’s need for short-term liquidity.
These government securities are offered through 15 banks participating in the “primary dealers” system in the primary market.
https://www.dailynewsegypt.com/2023/10/21/egyptian-government-plans-to-borrow-egp-1-263tn-from-local-market-in-q2-fy-2023-24/
(Google says that is the equivalent of $41 Billion US dollars - all from in-country banks)
a result of foreign funding sources disappearing due to risk of default, S&P the latest credit rating agency to sound the alarm just yesterday
Oct 21, 2023
S&P Global Ratings has downgraded Egypt's rating further into negative territory, citing the slow progress being made on monetary and structural reforms.
The country's long-term foreign and local currency sovereign credit ratings were revised to “B-” from “B”, which is “highly speculative” and is six levels below investment grade, the New York-based ratings agency said on Friday.
Non-investment grade makes it more difficult for a country to access capital markets and raise funding that it needs when it wants to borrow.
S&P said the slow pace of the reforms has delayed the disbursement of multilateral and bilateral funds “critical to covering Egypt's high external funding needs”.
“The costs of delay include a foreign currency shortage, a wide gap between the official and informal exchange rates, lower remittance inflows and weaker private sector confidence and growth,”
S&P said it could lower its ratings on Egypt further if authorities fail to implement the macroeconomic reforms required to reduce the country's economic imbalances and to unlock multilateral and bilateral funding.
“We could also lower the ratings if the government's already elevated interest costs rise further, increasing the risk of a distressed debt exchange,” it said.
https://www.thenationalnews.com/business/economy/2023/10/21/sp-revises-egypts-rating-lower-on-slow-progress-of-fiscal-reforms/
Hi Tornadotony,
Interesting strategy. I haven't dived into Shanta's numbers so couldn't comment on that aspect but the part about selling Doropo to an existing WA producer sounds plausible. Doropo made more sense when the Batie/Konkera complex of deposits right across the border with Burkina was the plan - the combined metrics making both more affordable and longer lived - but since that is no longer the strategy the economics need to be thoroughly reassessed.
That said, waiting until the literal last second before the main Doropo concession expires ( without possibility of renewal ) as Horgan is currently doing by pushing the DFS out to mid 2024 will doom any possible sale to another miner. How that is tolerated (nay, lauded) by some shareholders I don't comprehend
Cowichan
My view on Doropo was made before. I believe they should sell Doropo and buy Shanta Gold outright. Suppose it cost them $250M to buy Shanta Gold and they get $25M for Doropo. They will have an asset that delivers 90,000 ounces plus a year for the next 5 years. This would give 550,000 ounces net to Centamin plus they would have a major West Kenya asset that competes with g/t gold grades we have seen with Sukari underground mine in the past and is far more promising to develop. I estimate Centamin would build a net surplus of $700M in the bank if they bought Shanta Gold. I can not understand why they are not doing it. Doropo is for an existing West African miner to develop. Centamin should stick to being an east African mining company.
Cowichan I don't disagree with any of the numbers or caveats. Input from Horgan himself at the stage of a prefeasibility study I think would be minimal other than directional and an outline by way of a questions to justify future development of the resource. As far as I can see nothing hidden from people like you and I should we want to read and digest the report.
There are many vague numbers reported and to be honest I wouldn't expect much different from the brief that all of the consulting teams have when putting some flesh around the bare bones of a pre feasibility study.
At this stage people like my old team would be asked for numbers that relate to the Life cycle costings of an estimated fleet of equipment based on annual tonnage.
At DFS stage there might be some more information to go on but until someone actually produces a mine plan with a pit layout it is extremely difficult to provide anywhere near some good estimates.
So I would only ever treat a PFS as a good guide risky business this mining lark.
The reason why I feel Doropo is a goer is because the wording the numbers and the consultant company names involved are so common to the many gold mines that I was involved in when working the West African region.
Not saying I am right just saying that much is early days gut feel and the detail will only become clear when the mine plan is known for the first stages.
The teams involved will by now have a great deal more information that will be fed into the DFS at the end of which it will be decision time.
As i post....egyptian peace summit begins.
I sincerely hope that Siko will continue his contribution to this thread. - Again, down the years, he has performed outstanding service to this forum, providing an on the ground, as it is happening, Egyptian perspective, in a way that no other can. - A beautiful writer and widely respected. - Reading Cowichan's post today, and not wanting to put words into Cowichans mouth, I would say that is an apology as well as an appeal to not abandon .
Well done to these Israelis for showing the care!
Across Israel, animal welfare organizations and veterinarians are coming together to assist animals in the south and Gaza periphery, many of which have been left without homes or families.'Animals have been showing up at my door left and right'
As enemy rockets rain down, Israelis provide shelter to displaced pets
The onslaught of terror that poured out of the Gaza Strip on Saturday and the subsequent war has upended large numbers of citizens around the country – and their furry friends
https://www.timesofisrael.com/as-enemy-rockets-rain-down-israelis-provide-shelter-to-displaced-pets/
With the human death toll now surpassing 4,200, we shudder at the thought of the innumerable animal lives claimed and the untold numbers of survivors left injured, starving, terrified and struggling to survive in the throes of war-torn chaos.
Abandoned as people flee for their lives, forgotten and suffering cats, dogs and donkeys are without food, shelter or love. We are helping to feed, treat and evacuate as many animals as we can, but this is a brutal war with no end in sight, and we URGENTLY need your support right away!
https://networkforanimals.org/appeal/israel-palestine-emergency-relief-october-2023/
Aid bound for Gaza doesn't include fuel, Jordan and Egypt say they won't take refugees!
https://www.youtube.com/watch?v=riKV5MHETlQ
At last, some aid going through:
https://www.bbc.co.uk/news/live/world-middle-east-67165505
Hi Siko. I hope you do pop on now and again. I'm sure you have other more important things on your mind. I hope you and you family are safe and well and have a good weekend.
No big issue, staff can hate while they work well and generate gold. Egypt is not the place where company would care about employees. If someone stops working, they will continue to hate but unemployed. Vacancy will not last long. What is the problem?
Person on this chat forum that is qualified to share a 1st hand opinion of the sentiment among Egyptians during this time of - what could be - regional war.
And to be fair - I will not comment or reply. I'll give the whole Egypt , Hamas , Israel conflict a w i d e birth for the next several weeks. It's worth it just to know you're not avoiding corresponding here just because of an idiot like me. Best regards, Don