The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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- We now expect Egypt’s annual gas production to decline in 2023, as ongoing water infiltration issues at the country’s mega Zohr field weighs on output.
- In turn, this will see the country’s LNG exports marginally decline this year.
- High depletion rates at the country’s existing fields, coupled with a thin project pipeline, paints a bearish outlook for the country’s long-term gas production.
https://www.fitchsolutions.com/oil-gas/declining-gas-production-egypt-underlines-need-further-discoveries-18-07-2023
Egypt's lack of funds to import fuel is only getting worse - a wake up call to Centamin contemplating connection to Egypt's power grid
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Madbouly said that the value of the additional shipments will be between $250m to $300m. He stressed that these numbers were not available in the current budget or estimate, and therefore, it is an additional burden that the country will be able to provide under the current circumstances.
Egypt’s Prime Minister also announced that the government will be working to reduce electricity consumption in public facilities, such as street lighting and government buildings.
Madbouly also directed the Minister of Youth and Sports to play matches before sunset to reduce electricity consumption in sports facilities and stadiums.
He added that it was agreed to operate air conditioning devices at 25 degrees Celsius or more to consume electricity in the smallest possible amount.
Moreover, Egypt’s Prime Minister stated that the country will need to implement load-shedding procedures for about one to two hours daily due to high temperatures.
Madbouly said that the load shedding will be implemented in a balanced manner across the country and that it will not affect hospitals or strategic facilities.
https://www.dailynewsegypt.com/2023/07/27/egypts-prime-minister-announces-measures-to-address-power-cuts/
Heyho- looks like not a lot will help gold today. You win some, you lose some- off to the golf course.
Have a good weekend all.
Strip ratio
The strip ratio is the amount of waste rock, or overburden, that must be removed in order to get to the mineralized rock (ore). The strip ratio is calculated by dividing the thickness of the overburden by ore thickness. Eg. if the overburden is 100m thick and the ore is 50m, the strip ratio is 2:1. The lower a strip ratio, the more profitable the mine will be, since less material needs to be moved.
https://www.mining.com/profit-low-grade-gold-mines/
More likely the moderate rise eg about 1dollar only since before data released at 13:30, to b the combination of all the data which analysts still digesting but I hope the general consensus remains on the disinflation path. At USA open will most likely show this, usual markers hopefully
Weekly job claims up much more than expected causing rise in Gold
Oh- I read is as per expectation with the a few nuances in the detail. Majority so far seem to be on the disinflation side, so good- but time will tell.
Figures come out as rise to 3.2%
Below expectations of 3.3%
Not much reaction
I like to look at is the most recent numbers that have been reported. Total material mined first 6 months 2023 - 65,301 k/tonnes, ore 6,882 k/tonnes ratio 9.5. Reduce total tonnage by Capital's waste contribution of 22,000 k/tonnes = 43,301 k/tonnes so strip ratio drops to 6.3.
Playing with numbers - as I say I prefer to wait until we see the numbers after the Capital contract is complete.
Let's just say improvement over 1st six months 2022 - 64,372 total k/tonnes against 5,736 k/tonnes ore - ratio 11.2, so moving in the right direction.
Mr T- most days here have zero to do with anything other then economic data- today is all about the US data -
Started up by 2p today, didn't last long back to normal spanked down again,must be those pesky traders who don't care a jot about what anyone above the age of 14 thinks!
Still anyone buying must bear in mind that they are backing a dead horse until the AISC are reduced by a reasonable amount!
Even then without any evidence to the contrary of Cowichan's post this share is severely obbled and going nowhere much!
Hi Paul,
Fair comments, remember the Cleopatra slope ,never gets any mention now, possibly the grades were even more mediocre than other areas of the open pit operation , fortunately the underground grades tend to be better quality, it would be helpful if the "Bonanza" grades exist to boost the grade quality further, without the underground production as it seems Sukari isn't that viable I
Keep well!
Tibbs
Yes Tornado, very reminiscent of Mrs Thatcher’s son Mark, amazing how the cleverest politicians have a blind side when it comes to their children. However unless it becomes a big election issue and enable Trump or De Santis to win I can’t see it having much effe t on Centamin, nor of course this board as Mizolgit points out, but gives us old men some fun
European stock exchanges were mixed in the premarket hours on Thursday as investors digested the latest earnings reports by the region's largest companies. Deutsche Telekom, Allianz, Siemens, RWE, and ThyssenKrupp all posted their financial results this morning.
Over the Atlantic, the US Bureau of Labor Statistcs is slated to unveil the July inflation rate later in the day amid fears of central banks' future steps moving forward.
Frankfurt's DAX was flat. The Euro Stoxx 50 rose 0.28%. London's FTSE 100 lost 0.10%. The CAC 40 climbed 0.27%.
The euro added 0.10% against the US currency, trading at 1.09848 at 7:58 am CET. The British pound was flat versus the dollar, selling at 1.27233.
Baha Breaking News (BBN) / AB
CPI report due today at 1:30
Hi Mizolgit,
It is regrettable if you regard yourself as such, I am sure you have much experience and knowledge to share,if you so chose!
If these discussions are of no importance these "Traders" who you supspect have such disregard for the information or debate on here then I doubt they would be visiting this site very often anyway, if at all, they are most likely to use a website such as https://www.trade2win.com/
That said such short term trading is ongoing and in the grand scale of things is of such small value it has a questionable effect if any at all on the share price for it to be of any concern to long term holders.
Tibbs
Hi Tornado,
Then it would for the best if the company would clarify or explain these points, doing so may allay fears or concerns and may have a positive effect on the share price.
Tibbs
Only a crime if you are a Republican - the land of the free (bies) for the Dems
Https://www.zerohedge.com/political/house-republicans-release-bank-records-showing-over-20-million-payments-biden-family Blatent corruption.
Apparently Egyptian expats can buy off their mandatory military service obligations by paying $5,000 in US dollars or Euros. By doing so they'll be able to 'travel to and from Egypt without fear of detainment' (not kidding)
This policy falls somewhere between a threat and a bribe. Good one Sisi!
To further complicate matters, the Egyptian military wants the $5k payments to go to the Abu Dhabi branch of the National Bank of Egypt - in Abu Dhabi! (might that be in order to bypass any legal difficulties the Military has in collecting their graft? ) Incredible.
On a side note, Egypt has had some form of military conscription in force since the 1840's - leave it to Sisi to break a 175 year tradition
https://alanasserlaw.com/2023/07/27/egypt-allows-egyptians-abroad-to-settle-their-military-service-status-for-5000/
https://www.egypttoday.com/Article/3/125897/Egypt-offers-conscription-settlement-for-Egyptians-abroad-at-5-000
Mr Tibbles on this LSE site ,it is used in the vast majority by traders who do not give a toss about these posts .
In and out with a profit, no more.
The discussions are not important.
For you it is important ,for them , just rubbish and older people ,who they consider have lost the plot.
They may well be right. ;-)
Two factors need to be taken into account with strip ratios.
1. The economic price to mine gold. If the previous strip ratio is linked to $1350 per ounce and it has changed to $1700, the amount of resource devoted to stripping to access new ounces of gold increases.
2. The delivery of newly discovered reserves and resources may also have a stripping element attached to it. The Capex value as being economic to mine may have a figure of say $2,000 per ounce. When gold stabilises above that figure Capex is spent on stripping to gain access to newly discovered gold. It then changes on-going stripping ratios.
As a consequence stripping activity is a moving target. Once the mine life gets extended with more ounces the original statistics applied to the original model have changed.
If gold price retreated sharply say to $1500 an ounce. Centamin would have to declare new reserves data and identify what was being lost as being uneconomic to pursue. Stripping ratios become important when gold prices retreat significantly.
typo below email contacts should read as
alexandra barter c****
head of corporate communications
centamin plc
investor@centaminplc.com
hi cowichan,
thank you for your thoughts on this, greatly appreciated, i feel it only fair to all concerned to forward your post to the company to give them an opportunity to offer their version of what appears to be on first impressions a pretty hopeless situation for any long term holders and indeed an amber,even red light for anyone considering investing into centamin to consider if such a commitment of their funds is a prudent choice!
personally i am very disappointed in the present share price , the dividend and indeed any prospects of a good return for the future anytime soon!
i urge everyone if they are genuinely invested or considering investment to contact the company or it's seemingly silent pr company to ask for some answers as a matter of urgency.
i do hope that the company has the courtesy to respond and offer some explanations as failure to do so will certainly send out the wrong message possibly lead to shareholders and the media drawing the wrong conclusions!
please direct your enquires to
alexandra barter-c****
head of corporate communications
centamin group uk services ltd
9-10 savile row
london w1s 3pf
nvestor@centaminplc.com
fti consulting
ben brewerton / sara powell / nick hennis
centamin@fticonsulting.com
Yes the "ostrich syndrome" by the previous lot is what got us into the mess although I think maybe it was more "Mushroom syndrome" for us.
We have a rough date for the end of the waste clearance which is next summer. Maybe they can bring it in a couple of months earlier. Do you have any idea of how much that would reduce costs?
I hope that the next dividend after this one, which will be about May 2024 will be a good one because with the dividends being close together, it is a long wait for the May one to come around again!
If Centamin did start churning out cash like "A demented cash machine" I suppose us LTH's would be suspicious after last time. However I cannot see them falling in the the old bad practice ways again.
I would like to see the board put their hands in their pockets and at least one of them a month buy 50,000 + shares. That should show and give a bit of confidence.
Obviously the price of gold will go up to help us. I mean with China buying gold, Basle 3, Kinesis and Andrew Maguire to help it, surely it should start to move upwards?