Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Not worried, this is my point.
Hi Steve,
Why worry as I explained previously the Sukari operation may be regarded as 50% nationalised or 50% privatised.
At the end of the concession licence Sukari and all the equipment is handed over to the government.
It has always been a partnership that has worked up to a point and is very unlikely to change because it suits all concerned.
Hi Cowichan,
Perhaps you bring this to the attention of some of your fellow caring Canadians as past events the world over show these mining companies are not to be trusted to care about the environmental impact of their quests for profits!
Permission has been given to a Canadian mining company to drill for oil in Angola which will decimate the environment and the tourism tourism industry by poisoning and destroy the Okavango Delta, which animals and people alike depend on.
https://www.bbc.co.uk/sounds/play/w3ct4m79
Tibbs
Another article on top of the one I posted last week-
https://enterprise.press/stories/2022/06/15/egypts-fdi-might-outdo-much-of-the-world-in-2022-73779/
Again, I ask, why on earth would Egypt put at risk foreign investment by nationalising? Bonkers, it simply makes zero sense on any level.
Hi Cowichan,
I was only addressing the nationalization point. You are of course not happy with many other points regarding Egypt and centamin, but these are not for me to comment about..
Politics, Centamin contracts with Capital Drilling, West Africa, management performance, and your decision not to buy now even should the SP cut in half.. All these points I think other holders could respond to, but as a non-holder, this is not my area...
One point though, there is a huge difference between (Sisi is going nowhere as people understand that the country can't afford another revolution) as I put it, and (Sisi regime and the Egyptian people's willingness to support him) as you put it.. They (have to) get on with things as they are, because the other choice would make things a lot worse for them, but that doesn't mean they (support) him.. A big difference..
Siko
European stocks rose in premarket trading on Thursday as investors digested the US Federal Reserve's decision to hike interest rates to the highest level in over 20 years, as well as a multitude of corporate earnings, including reports from ArcelorMittal, Nestle, Roche, BNP Paribas, Volkswagen, Mercedes-Benz and Renault released earlier today. Among other companies set to report before the bell are Shell, TotalEnergies and Barclays. Market watchers also awaited the European Central Bank's (ECB) monetary policy announcement due later in the day.
The Euro Stoxx 50 increased 0.64% at 8:00 am CET, the DAX rose 0.31% and the FTSE 100 climbed 0.22% at the same time..
The euro added 0.06% against the dollar to go for 1.10922 at 7:56 am CET and the pound was up 0.05% compared to the US currency to sell for 1.29481 a minute later.
Baha Breaking News (BBN) / NP
FOR IMMEDIATE RELEASE
19 JULY 2023
New contract win:
- A reverse circulation exploration drilling contract with Centamin, at the Nugrus Block in the
Egyptian Eastern Desert;
https://www.capdrill.com/media/investors/Financial-Results/Q223-CAPD-Trading-update-final_updated.pdf
And then, what goes around comes around... shares awarded to Capital's leaders end of H1...
Jamie Boyton Executive Chairman 361,682 & 361,682
Peter Stokes Chief Executive Officer 414,870 & 414,870
Brian Rudd Executive Director 183,819 & 183,819
not a bad set-up these executives have going for themselves
plus, at this point Capital knows more about Centamin's operations (including exploratory drilling hits/misses) than Centamin
The Egyptian Mining Forum’s gratitude tweet.
https://twitter.com/egyptminingshow/status/1684149759924371456?s=61&t=wPRUR5w_YhDaiuhBs7gRKQ
Thanks Tony and Dotlink.
The image you paint of the Egyptian people and their willingness to support one another is inspiring.
As far as our differing theses regarding the Sisi regime and the Egyptian people's willingness to support him come what may - many journalists in the region have a different opinion.
This article just from a day ago refers to Sisi labelling those who dare report on economic difficulties in Egypt as “terrorist group and spreading false news” - that's not good for attracting foreign investment dollars they so desperately need.
https://www.aljazeera.com/news/2023/7/25/al-jazeera-slams-naming-of-its-journalists-on-egypt-terror-list
I read that since Sisi came to power his regime has borrowed $100 billion US dollars from Egypt's Arab neighbors. And that with NO way to pay it back. Already Egypt is paying out
56% of it's 2023/2024 budget in interest payments alone.
That means Egypt only keeps 46% of revenue to pay for things like bread subsidies etc.
This is not sustainable, especially considering the buying power of the Egyptian pound is half of what it was - when they need to pay for food imports it costs them more than double as it did just a year ago.
Sorry to say but I would not reinvest in Centamin even should its stock price be cut in half - I'll wait to see if the country 'reboots' and if Centamin emerges on the other side intact,
it is a shame Centamin blew it's cash hoard on a massively overpriced waste contract and West African adventures - because that cash could have helped weather the storm -
now Mr Horgan is forced to spend shareholder's wealth to the tune of a cool $6 million - forced upon them by management's oh so woke 'sustainability line of credit' contractual agreements - just to ensure the gold price doesn't fall beyond a London banker's predetermined level -
I know now that Mr Horgan doesn't run the company to the benefit of shareholders but to the benefit of his circle of banker, corporate and industrial friends -
further reading
https://arabcenterdc.org/resource/egypt-is-in-serious-trouble-seven-decades-after-its-free-officers-revolution/
https://www.reuters.com/business/energy/egypts-zohr-gas-field-reach-15-bln-investments-three-years-government-2023-07-24/
May reflect the size of a closing put options. It does appear to be a bet on the share price increasing so the current price is being taken. It is one possibility.
They are just closing their shorts before SP go through 100p, don't know why they do stacks of 100 share AT buys maybe its done automatically by bots.
Today is a gold options expiry date- 26 July in USA.
There’s still stack and stacks of 100 share AT buys pouring in… again, any theories?
Growing expectations that the Federal Reserve is close to ending its latest tightening cycle and the threat of and impending recession will continue to support gold and silver prices, according to the last comments from JPMorgan Chase.
In his latest research note, Greg Shearer, executive director of global commodities research, said that he expects the Federal Reserve to start cutting interest rates by the second quarter of 2024 and falling real U.S. yields will be a "significant driver" for gold.
According to JPMorgan's mid-year forecast, analysts are looking for gold prices to average the second half of the year around $2,012 an ounce.
Shearer said in his latest note that he sees gold prices averaging around $2,175 an ounce by the fourth quarter of 2024, with further upside risks if the U.S. economy does fall into a recession.
Shearer noted that the deeper the recession is, the more aggressive the Federal Reserve will have to be in cutting interest rates, which would be supportive of gold.
"We're in a very prime place where we think gold ownership and long allocation to gold and silver is something that acts as both a late cycle diversifier and something that will perform as we look to the next sort of 12, 18 months," Shearer said.
The comments come ahead of the Federal Reserve's monetary policy decision. Markets see a 25-basis point hike as guaranteed; however, there is a lot of uncertainty through the rest of the year. Markets see a roughly 50/50 chance that the central bank will maintain interest rates between 5.25% and 5.50% throughout the year.
Some economists and analysts have said that gold in the near term will be sensitive to a hawkish bias from the Federal Reserve as it looks to keep inflation expectations in line.
https://rb.gy/2wod3
Tornado. Remember near 20% inflation over last couple of years so $1900 hedge is near a $1500 hedge back then. I really wonder why they have done it reducing income by $25 an ounce. Overall miners are usually better at mining than timing the market, unless lenders or poor balance sheets force a hedge.
SP will go through 100p in the next few sessions as momentum is increasing, sp is now above 50 MA and going towards 100 MA.
The extraordinary high number of 100 AT share buys today
The US market just waking up ;-)
A lot depends later when the actual interest rise is published, .25% will push Gold higher, how much unfortunatly depends on Futures traders.
But thats the hold they have, paper traders ,good for commissions !
10 minutes ago it was flat after being + 4% earlier
Right now it’s + 3% @ $1970
The cost per ounce for the puts is $25 per ounce ($6M) and is set at 20,000 per month over the following 12 months. If gold fell back to $1800 average for 4 months the hedge is at breakeven.
70% of the waste stripping is resolved. The remainder completes over the following 12 months for $48M.
The company is on course to hit mid range on the production ounces between the high and lower range quoted at the present time.
The $1900/oz hedging cost $6.1m for 240,000oz so $25.41 per oz or %1.33 if I understand it correctly. That seems to be a relatively low cost to give an element of security.
The dividend policy for H2 seems sensible especially for those seeking long term growth. The declared Dividend exceeds the Group Free Cash Flow from normal operations by $10m and represents 56% of Cashflow pre Growth Capex.
Looking deeper into the figures shows that $108m of CAPEX was incurred in H1 with another $165m forecast for H2.
Gold Production needs to increase by 5% in H2 to meet the lowest forecast and 19% to hit the upper level.
The additional $57m of CAPEX will require an additional production of 81koz of gold to fund the CAPEX from production (ie $1936 - $1228 = $702 cash produced per oz - $57m/702 = approx 81Koz)
The top end of Forecast of 480koz will give a production uplift of just 42koz so half of the additional CAPEX will come from reserves/debt at the top level and most of it at the lower end. Martin Horgan states that CEY is on track for the mid point of the production range. This suggests that significant CAPEX will be funded from reserves so any additional dividend would further deplete reserves/shareholder value.
The good news is that CAPEX is forecast to reduce significantly in 2024 with a number of projects nearing completion that will also result in cost savings.
Hi all, very pleased with these results and the market reaction to them. The hedging seems very sensible - guarantee a certain level of revenue with open upside during a period of heavy investment - Doropo in particular but also more solar, grid power etc. Just want to say to Steve, you have done us a service, because as any fule kno... Option2.
Hi Paul, I concur entirely with your summing up, however after the years of less than reliable and unsustainable performance of so many rungs up the ladder it will take more than one quarters improvement to convince the market that this time things are different.
Good news on the AISC, however improvements still needed in communicating news to the market and investors between quarterly announcements.
The dividend is disappointing to say the least, but then in the past it was the El Raghy family who where big fans of a more generous dividend, it seems now that the BOD are less reluctant to reward shareholders, but as you say with interest rates rising elsewhere they may well be forced to increase it t keep institutional investors interested!
So at last some good progress made, lets hope it continues!