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Sotolo,
Am I correct in that we may be worse off dividend pay out conversion time if the dollar is weaker against the pound?
Hi Mr Gnome,
Rather than reiterating the same old ""good times coming|" sometime when via very slick and speedy presentations and publishing pages and pages of details to troll through on each quarterly updater then why not present just where we are in regards to the biggest brick on the share price "The waste clearance" in a simplified format and on a rolling basis?
I think the CEO should be updating us shareholders on when the AISC are going to drop very considerably ,after all the solar plant is now commissioned , the modified truck trays and tyres have been fitted to plant been and we are a good three years into the waste clearance so Capital at least should have some good idea when they are likely to be finished.
Also how is the progress on the crucially important underground workings, has the access egress been unproved and what of the "Bonanza grades" have they been encountere or where they just wishful thinking?
I take your point on the difference between Wahgnion and Konkera (etc), but that said thee majoritu of us retail investors cant be expected to know that which is why I have asked Centamin that very question, possibly they will reply ,but I won't be holding my breath from recent experience!
13th July 2023
Dear (name withheld)
The piece below from another Centamin share holder seems to imply that that Martin Horgan CEO and BOD may not have fully explored adequately all avenues of some financial return on the Burkina Faso?
Getting some money back it would have saved Centamin having to secure lime of credit and possibly meant that the dividend didn't need to be halved!
If this is true then $300 million would certainly gone towards paying for clearance of the Sukari waste!
Whatever the truth then more informative communications would certainly improve long-term shareholders sentiment
Yours Faithfully
(Name withheld )
RE: Can't Give Away Gold Reserves In Burkina? Then Sell Em
https://www.mining.com/endeavour-mining-sells-non-core-burkina-faso-mines-for-300-million/
Tornado our share price is in sterling and we take divis in sterling so it is the sterling gold price that should affect the sterling share price and that has fallen in less than two months for 1610 to 1490 and in less than a month from 1535 to 1490, remember profits fall by about 3 times the gold price fall as costs only fall a little in sterling with its rise. So our share price is doing well given the gold price is where it was 3 years ago but costs are so much higher
Still holding at $1938 per ounce. Centamin remains considerably undervalued.
Possibly Musk will be pleased if he still holds Doge coin!
One of my cryptos pretty much doubled in a day…
https://www.coindesk.com/markets/2023/07/14/xrp-short-traders-log-highest-losses-in-2023-after-landmark-court-ruling/?outputType=amp
Major European markets were lower during the premarket session on Friday. During the day, investors will receive a group of companies' earning reports, and more data is expected to be released on Swiss producer and import prices and trade balance in the bloc.
The DAX lost 0.15% at 8:01 am CET, while the CAC 40 fell 0.17%, and the FTSE 100 declined 0.06%. The pan-European Euro Stoxx 50 inched down 0.25%.
On the currency front, the euro was flat at 8:00 am CET, selling for $1.12228, and the pound lost 0.11% to go for $1.31215.
Baha Breaking News (BBN) / JG
Happy Friday y’al
Enjoy your weekend.
To be fair Cowichan
There is a fair amount of difference between Wahgnion and Konkera (etc)
Wahgnion is a going concern, plant and equipment, good met, good reserve, good exploration upside
Konkera ia about the opposite
Apples and Apples, or Apples and Oranges
NOTE I DO THINK THE CEO CAN DO A LOT MORE TO DRIVE VALUE TO THE CEY SHAREHOLDERS !!!
cheers
the Gnome
Https://tvc-invdn-com.investing.com/data/tvc_97a8facc62e5f5f6d3546d7b3a6b33f5.png
June was atypical for POG/USD and same has been for July if we consider that for such a drop in USD Index
POG should be above $2000/OZ
Any conspiracy theory out there?
Thanks Razors Edge I also noticed that,it seems like more confidence in this share .
I prefer gradual rises .Than fools rushing in.
# Trades 733
Vol. Sold 681,015
Sold Value £635.86k
Vol. Bought 2,018,214
Bought Value £1.88m
Absolutely agree Cowichan!
What a pity our complacent CEO and BOD couldn't put a bit more effort into getting some money back it would have saved Centamin having to secure lime of credit and possibly meant that the dividend didn't need to be halved!
If this is true then $300 million l certainly gone towards paying for clearance of the Sukari waste!
Endeavour sells non-core Burkina Faso gold mines for $300 million
Endeavour Mining (TSX, LON: EDV) said Friday it had sold its 90% interest in the Boungou and Wahgnion gold mines in Burkina Faso for about $300 million. The buyer, Lilium Capital’s subsidiary Lilium Mining, is an African and frontier markets focused investment vehicle led by West African entrepreneurs.
The total consideration for the mines, deemed non-core to Endeavour, comprises of upfront and deferred cash instalments. Endeavour will also earn a 4% net smelter return royalties (NSR) of gold sold at both mines, with Bougnou expected to generate $52 million over its productive life and Wahgnion $41 million
https://www.mining.com/endeavour-mining-sells-non-core-burkina-faso-mines-for-300-million/
--------------------------------------->>>>
To Follow, A Highly Critical Personal Opinion:
So Centamin investor, did Endeavour just do the impossible?
Mr Horgan assured Centamin shareholders nothing could be done with its gold reserves/resources at Batie West, Wadaradoo & Napalapera in Burkina Faso (even going as far as saying the concessions were ALREADY taken back by the State when clearly they were still allotted to Centamin in early 2023 , as I previously documented)
How is it then that Endeavour got $300 million/ with royalty in exchange for two Burkina Faso assets just last week?
Mr Horgan, your efforts on behalf of Centamin investors (at least in Burkina Faso) have been horribly inadequate. In legal jargon, a crime of omission. It's past time for you to go.
Thank you Cowichan,
If past experience is anything to go by they will still be talking in a decade about what Eygpt should or could do, but of course that depends on if political will is really there to actually allow international businesses to get on with developing these lucrative areas!
But as we are all aware the Egyptian politicians are so worried that they may have to come to some sensible compromises. or heaven forbid be expected to share equally,or even contribute in some way financially towards exacting this mineral wealth!
They don't really trust us foreigners at all, Oh no the Egyptian politicians want someone else Us) to take all the risks and when appropriate the sh*t end of the stick, with of course the occasional good kick in the crotch of a legal challenge of two whist smiling in our faces and taking all the profits!
Martin Horgan and his fellow directors will have never ending meetings and go through the motions of slick presentations claiming that good times are around the corner in order to reel in the gullible investors (that's us) so that they can continue to receive their handsome remuneration and bonuses!
In the past I have given Centamin the benefit if the doubt on more occasions than I care to remember and yet despite all the promises when Martin Horgan took over what has really changed, nothing that has benefitted us shareholders in any way, a halved dividend and a share price that's over 60% down!
Over the past two or three years I have sent Centamin IR many emails stating the facts as apparent to me and asking reasonable questions, the vast majority remain ignored, in fact all but one since the new PR company took over and that was answered in a patronising manner by Centamin IR!
So I have taken off the rose tinted sunglasses and must say that the Martin Horgan and his fellow directors are taking us for fools, whilst the Eygptian government does the same foreign investors!
I have no faith in Centamin at all until I see some proof to the contrary that we shareholders aren't being shafted yet again!
Posted 3hrs ago
The potential for mineral exploration and development in Egypt’s Eastern desert is limitless, untapped, and largely undiscovered.
During this high-level session, Martin Horgan, Chief Executive officer of Centamin PLC; Mike Silver, Chief Executive & Co-Founder of Lotus Gold Corporation; Mark Campbell, Chairman & General Manager at Akh Gold and Patrick Barnes, Heads of Metals & Mining Consulting at Wood Mackenzie will discuss the steps Egypt can take to develop its mining sector, increase commercial discoveries and become a lucrative destination for international investors.
Join the panel discussion on Unlocking the Investment Potential of Egypt’s Mining Sector at the Egypt Mining Forum, next week, Tuesday 18 July in Cairo.
https://www.linkedin.com/posts/egypt-mining-show_egyptminingforum-mininginvestments-commercialdiscoveries-activity-7085214615172767744-p-1v
----------------------------->>>>
My Personal and Highly Biased Opinion:
Given Centamin is still encouraging Egypt to 'take steps' a full decade after the new mining legislation was announced, and nigh 3 years after the 2nd largest gold miner in the world was awarded huge concessions of known gold endowed land, then, Egypt's 'failure to launch' is self-inflicted and (most likely) intentional
RazorsEdge
Is it because of Brexit that you keep posting European news?
European stock markets were flat to lower on Thursday in premarket trade with market participants in Europe awaiting and monitoring the European Commission's latest economic estimates, the accounts from the previous European Central Bank meeting, along with Eurozone and United Kingdom data.
The DAX decreased by 0.08%, London's FTSE 100 rose by 0.07%, the CAC 40 was flat and the EURO STOXX 50 lost 0.06% at 8:03 am CET.
The euro was flat compared to the dollar at 7:59 am CET, trading at 1.06120. The British pound was 0.15% lower than the American currency, going for 1.21560 at the same time.
Baha Breaking News (BBN) / MS
Too early to say - FED will wait as per usual on data before deciding - but todays news is good news, how the markets react is all that matters
The figures announced today could be innacurate.
I would expect Democrats wanting to show an improvmentn the US economy to stand a chance of re election.
The FED also need to up the publics confidence in themselves.
So I would not expect a freeze in rates ,but more a 25 point rise, to be safe.
But anything could happen.
An excerpt from Egypt's latest 'State Ownership Policy Document' dated March 2023
"Thirdly, the State shall adjust and increase its economic presence while permitting partial participation by the private sector in some of the activities related to those sectors. This applies to 76 activities and is justified by strategic or social dimensions. These activities include pre-primary and higher education, healthcare, activities associated with the Suez
Canal, investments in oil and gas extraction and refining, investments in electricity transmission networks, several activities in the information and communications technology (ICT) sector such as infrastructure for wireless and terrestrial communications, and units for modern postal services, press and media activities, including video films and cinema, radio and television broadcasts."
https://idsc.gov.eg/Upload/DocumentLibrary/Attachment_E/8411/State%20Ownership%20Policy.pdf
----------------------------------->>>>
Note it says the State plans to INCREASE its economic presence in " investments in oil and gas extraction and refining "
Wait just one cotton picking minute - the news reports for the last several years talk about Egypt planning to SELL stakes in various state owned enterprises, but the official policy statement from the government of March 2023 says it plans to INCREASE participation in no less than 76 economic activities - INCLUDING one of Egypt's top foreign owned industries - namely oil & gas extraction (see above)
Bottom Line:
Instead of blindly hoping that Egypt is making the reforms necessary to add foreign investment and secure Sukari's future (Centamin) - analyze the policies Egypt is publishing itself and then decide if you are willing to take a chance on Egypt over let's say, Australia for your current investment dollars. Actions always speak louder than words - and so far the Egyptian military has expanded its hold on Egypt's industries - not loosened it. Therefore, are Centamin's gold reserves actually safe ? It's a big unknown.
Hi Mr Gnome,
True Centamin should have some advantage of knowing how things work in Eygpt , well its time they started to shake a leg and get on with things with some sense of urgency rather than just talking about what might be sometime down the road!
The prices of precious metals continued to follow an upward trajectory on Wednesday with silver going above 4%.
The latest report on consumer prices in the United States seemingly rekindled hopes that the Federal Reserve's monetary policy path might end up being less stringent than previously thought, as inflation in the country came in lower than anticipated.
Silver skyrocketed 4.09% to go for $24.07 per ounce at 11:57 am ET. Gold jumped 1.23%, selling for $1,955.77 per ounce at the same time. Palladium soared 2.74% to reach $1,270.08 per ounce at 11:58 am ET. Platinum surged 2.59% to $952.78 per ounce concurrently.
Baha Breaking News (BBN) / AY
*Gold currently + .1.25%
And in terms of jurisdictions, spare a thought for the penal colony of Australia, still doing purgatory for the sins of our grandfathers (I still dont know who he was?!), or something like that. We have THE VOICE referendum coming up, which will ultimately will see a TREATY drawn up between the Indigenous Nation (which has never existed mind you, but lets not get bogged down in reality, ideaology is far more exictinig) So if land access is difficult now, it is only going to get a lot more difficult, and we could well end up where we were 50,000 years ago? LOL Mining? Not here!
The politicians have lost there way more than usual such that Mining Majors are now getting more concerned than usual
HP launches High Court challenge to public holiday precedent
David Marin-Guzman
Jul 12, 2023 – 4.35pm
Share
BHP is calling on the High Court to overturn a sweeping precedent requiring bosses to ask staff if they want to work public holidays before rostering them on, warning it will create roster uncertainty for much of the economy.
The mining giant has sought special leave to appeal this year’s full Federal Court ruling that found its labour hire arm, Operation Services, breached the Fair Work Act by requiring 85 miners to work on Christmas Day and Boxing Day...
and so on, and so forth
Thanks goodness for Single Malt
best
the gnome
I think CEY are in a very interesting of not excellent position.
They are in Egypt, they do know how it works and how not, they have systems, people, processes in place which work. They have highly prospective ground, including some excellent high grade ore, which could last for decades.
I would understand that substantive Mining newcomers, would be very apprensive of making a committment which in essence would be of the order of 20-30 years, when there is so much uncertainty and ineptitude on display because of the government. The Govt needs some help, needs to listen, and needs to act to make mining investment a far better propositon to long term investors.
If CEY can hold the line, maintain and expand their position, things could unfold to their advantage.
Like to have a punt in the Sudan, or Ethiopia? A splash in Burkina? Lose your shirt in Zimbabwe, or be nationalised in your favourite South American nation ...
Strange world, things are not all bad for CEY
best
the gnome
I do hope you are right Tony!
Tibbs