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What follows is a comparison of gold miner CEO pay as a cost (an expense) per ounce of gold. In other words the total CEO compensation divided by the total number of ounces produced in the year 2022 (where companies mine copper etc. the sales were converted to equivalent gold ounces) Drum roll please ....
Northern Star $ 0.39
Newmont $ 2.28
IAMGOLD $ 2.88
Kinross $ 2.97
Barrick $ 3.17
Centamin $ 4.16*
B2Gold $ 5.59
Endeavour $ 7.75
Alamos $ 7.95
Eldorado $ 8.06
Centerra $ 21.00*
You'll notice neither Centamin nor Centerra originally appears on the graphic link, they are included in the LinkedIn comments. https://www.linkedin.com/posts/jftduncan_ive-put-this-quick-chart-together-to-hopefully-activity-7077644511136428032-xQL2
Now before somebody dismisses the comparison as a simple 'you get what you pay for' or 'returns are based on profitable ounces not total production' - consider Northern Star Resources, the lowest CEO pay, generated shareholder return of 14% in 2022. Meanwhile Eldorado lost 9%.
I suppose Centamin's place in the middle is neither good or bad , except that CEO's paid both less and more outperformed Centamin across the board (ever since Mr Horgan arrived.)
Just what are the metrics by which Mr Horgan was to be compensated? Production growth? ROE? Reduced AISC? New ounces discovered?
So far he's been rewarded to enrich his friends at Capital Drilling, enrich his ESG buddies (solar project), appoint friends from his previous life onto the Centamin payroll (FTI Consulting), abandon West Africa deposits (Batie) and run-out-the-clock on the final hope of diversification (Doropo.) Yippee!
Hi Paul,
I hope that you are still enjoying your garden!
Our golden flip flops must be very dusty now considering how long they have been buried under all that open pit Pardy crap !
Doesn't natter how many analysts put a spin on this or how many more slick presentations on what might be take place, we need some measurable progress and a finishing date for the waste contact, that's what's killing the share price because market confidence has been well and truly destroyed by the previous bunch of carpet baggers running Sukari!
So come on Centamin or FTI consultancy let's have some news!
Best
Tibbs
Sotolo,
I think Gold gets a six week bounce and then drops back. Rates unlikely to go up in August and for many central banks are not going up in July either. The picture on rates and inflation will be clear by September and both probably go up. We shall see if my call is right. There is less risk shorting gold if the price was over $2000 an ounce. Tony
Tornado slightly disagree on the reason, I think it is because real interest rates are rising again, now around 2% in the USA on the 10 year TIPS, the norm for calculating, and many investors see this rising further putting pressure on gold. The whole sector is down on anticipation of this, though investors may be right or wrong predicting the future, but that is what markets do
CEY closed at 91.15 on Friday and i suspect with USA off line until they open this afternoon is probably why it drifted back. Production is now 22% higher if following the company guidance over H1. Current futures price matches the average of H1. Centamin average H1 price for many months was holding 103p. In theory if the gold price holds we should see Centamin near 120p. The stock is undervalued because of hedge funds shorting GDX ETFs where volume is light. We just need the herd to start buying heavy again and have any short positions toasted.
Well I think , without checking, my last lot were 105 so I'm well down on them. I'm also down on some post office (IDS) I bought as well. BUT I did get some IDS at 206 and sold them yesterday for 230 so made a few hundred quid on those. I left an order for some Centamin at 92.4 which went through this morning-----and I'm now down on those a little. I did want to get them below 92 but didn't want to wait and lose out on a possible rise. I'm hoping for a rise from here but it would be nice if the dividend reinvestment went through first.
The rough plan is to trade with the ones i got today and maybe a few thousand more and try to time getting in and out with a couple of hundred pounds profit-------and maybe dip back into IDS if they fall----although I'm expecting them to go up to round 250.
I suppose as always we are waiting on the next update. A slow and steady would be ok but a good one would be better.
I'm guessing the next dividend will be paid in October and will be around the same but I'm hoping higher!
I haven't got the money of the nerve to deal in 50,000 or 60,000 at a time like some people and would be scared of missing out on a big rise.
So it looks like trading a few thousand and hoping that if I do miss out at least I've got my core holding.
Fingers crossed for the golden flip flops.
I remain completely unclear too- as far as i know they’ve never said it’s done and moving forward this is the new amount which is on-going for normal operations and so on.
European indexes declined in premarket trading on Wednesday as investors awaited a string of economic data reports from across the continent, including service PMI figures and the Eurozone producer price index.
The Euro Stoxx 50 fell 0.30% at 8:01 am CET, the DAX lost 0.11%, the CAC 40 was down 0.12% and the FTSE 100 traded 0.15% lower at the same time.
The euro was flat compared to the dollar, going for 1.08819 at 8:02 am CET and the pound decreased 0.06% against the US currency to sell for 1.27051 at the same time.
Baha Breaking News (BBN) / NP
Happy hump y’al
Of course he is smiling when considering the nice little earner Capital are on for clearing away a decade of Pardy crap at Sukari!
Thing is how much longer before this gargantuan task is finished!
Thank you Cowichan!
It would make sense to re-join the EU, \although I doubt we will get the same generous rebate deal we before the Liars and the other Brexiteers s persuaded the gullible, stupid and lazy to vote to leave !
Gove used to talk about "A Golden Age" post Brexit, so where is it?
The UK is now "The English Patient !" of Europe!
From Capital Sukari Gold Mine With Mr/Jamie Boton❤❤❤
https://www.linkedin.com/posts/radwan-ahmed-nasr-191106227_from-capital-sukari-gold-mine-with-mrjamie-activity-7081542775539646464-0xDm
Disclaimer : Personal Opinion
Judging from the selfie, Mr Boyton looks much happier than the average Centamin shareholder - perhaps it has something to do with his financial arrangement with Mr Horgan and co.
We cut off our nose to spite our face - simples
I am old enough to remember when being 'shackled to a corpse' was one of the pro-#Brexit arguments.
Now, seven years later, the UK's bond yields have just hit new record highs, so that UK has to pay significantly more for debt not only than Germany, but also Greece.
https://twitter.com/NvOndarza/status/1675867946151731202
reference point here (chart link below) UK 2Y vs Greek 2yrs… UK spread on Greek borrowing is also approaching 200bps - 194bps… similar levels it briefly got to at mini budget, but haven’t seen on sustained basis since early 2000s…in between it got to -3600 bps in UKs favour during Greek crisis
https://twitter.com/faisalislam/status/1675852351024898049
--------------------------------------->>>
of course, what's bad for borrowers is good for savers wanting higher yields on deposits
what do the UK people think ? (without relitigating the Brexit debate) do higher interest rates for savers outweigh higher cost of borrowing ? my take: net bad for businesses , ok for retirees
A US court has ordered two precious metals companies to pay almost $146m (£115m) after more than 500,000 American Silver Eagle coins went missing.
https://www.bbc.co.uk/news/business-66094057
How is this different from paper gold?
Equities in Europe traded mixed in the premarket on Tuesday in the aftermath of the lukewarm results in the manufacturing sector the Old Continent reported the day before and ahead of the newest update on Germany's trade balance.
The DAX declined by 0.09% at 8:00 am CET. At the same time, the FTSE 100 dipped by 0.17%. Meanwhile, the CAC 40 and the Eurostoxx 50 stood flat at 8:02 am CET.
The euro lost 0.15% to the dollar at 7:58 am CET to sell for $1.08952. At that minute, the pound sterling declined by 0.06% against the United States currency to go for $1.26858.
Baha Breaking News (BBN) / JR
Tuesday July 4th US holiday
Hi Nunquam,
Thank you for the link to your thoughts on why its almost impossible to get to see a GP, I hope everyone here has a look at it and then contacts their MP to try and get something done!
Tibbs
Vol. Sold 663,729
Sold Value £609.65k
Vol. Bought 1,791,947
Bought Value £1.65m
Https://youtu.be/NAjSJjVOGUE
Mr Tibbs
Thank you , most kind. Above is , I hope , a link to a utube video that I did about 6 months ago.
Hi Nunquam,
Firstly thank you for your compassion and dedications t to helping others by returning to work during the pandemic!
Only wish we could dump our local primary health care trust which is hopeless , Ive have had 4 different GP's in as many years and only ever met one and all she cared about was going over the 10 mins slot !
By the way please do keep riding the Honda, there are some member in our local Vintage Motor Cycle club who are in their eighties and one chap of 92 who still rides his BMW!
Hi Deffo,
Firstly welcome to the LSE forum and sorry for my late response to your really informative summing up of your Covid experience in Asia.
What the Covid pandemic in the UK did expose was the dire state of the NHS due to over two decades of deprived of proper funding ,being split up into far two many trusts running their own each individual empires, the appalling amount of waste though disjointed purchasing procedures, the effects of back door privatisation, the insufficient funding and so much waste brought about by bad and poorly coordinated purchasing , albeit some of this being wasted by lack of joined up coordination, common sense, and the arrogant attitude of some NHS staff who are too busy being professional to do anything they regard as menial, and those who spend far too much time selling their services consulting and nursing n the private sector, as the lack of orderlies and auxiliaries in posts to support the more qualified staff!
The government was forced to admit the NHS crippled and unfit for purpose even before the pandemic and in order to try and save political face decided to employ tactics similar to those used in WW1 & WW2 by encouraging people to stay at home and suffer and only to venture out on mass each Thursday evening to bash post and pans together in the streets, unbelievable but true!
Basically people where sentenced to nearly two years incarceration n at home many in complete isolation and those who where foolish enough to register for the NHS app had their movements monitored 24 hors a day by staff who could have been better employed elsewhere
I am not saying the virus didn't exist or that it be taken lightly but incarceration and lock downs are no solutions, the after effects are as bad even worse as the pandemic itself, our politician where are this was coming f for years previously but chose to be complacent and did nothing!
https://www.medicalbuyer.co.in/britain-writes-down-nearly-15b-pounds-on-covid-ppe-gear/
https://fullfact.org/health/rmt-nhs-test-trace-ppe/
In 2022 more than 1,200 Ghanaian nurses joined the UK's nursing register.
This comes as the National Health Service (NHS) increasingly relies on staff from non-EU countries to fill vacancies.
Although the UK says active recruitment in Ghana is not allowed, social media means nurses can easily see the vacancies available in NHS trusts. They can then apply for those jobs directly. Ghana's dire economic situation acts as a big push factor. https://www.bbc.co.uk/news/world-africa-65808660
Reminds me of the X Files!
Posted by Mt Gnome, p.s. I have tried to get this verified as genuine but so far haven't been able to!
Very interesting if not very worrying regarding how Covid is an American laboratory developed virus intended for use in warfare and was known about since 1985!
https://rumble.com/v2m0enk-dr-david-martin-european-parliament-international-covid-summit-iii-5-3-23.html
I guess we will never know if the jabs really did save millions of lives. There has been so much misinformation and political interference during this period, censorship and general hysteria, that it will be many years, at best, before a calm review can take place.
I certainly do not think that the models and clearly flawed projections of some of the SAGE faces (you know the one in particular) did much to build or to retain faith in 'the science' (as if science is always really a binary right or wrong and unchanging anyway!)
IMO, a cost/benefit analysis would suggest that lock downs, with or without the jabs, are going to have a far more negative impact on UK society (and probably globally) in the coming decade than a 'let it rip' approach would have. Certainly a Barrington Declaration as a compromise to the above strategy. But IMO, no genuine attempt at an unbiased cost/benefit analysis will ever take place, so it is really all a moot point.
Looking forward, if we experience a serious virus in future, where lock downs might be clearly the best option, it will be interesting to see how society reacts to the advice and 'the science'. Gas lighting society is not something that should be done lightly and rebuilding trust may be challenging. In the short term, I hope it does not lead to many people shunning all vaccines. Yellow Fever etc. Hey ho.
But I respect your opinion and have nothing but praise for you choosing to return to work to help during that period.
FWIW, I am not a Covid-denier nor an anti vaxxer. I accept that deaths with and (IMO a far smaller number) because of Covid did and do still occur.
I was, and still am, appalled by the measures taken by government and how close we came to seeing vaccine passports and all that this would have resulted in. The thin end of a very troubling wedge.
As for Centamin and the PM prices...tempted to add a few, but want to keep some powder dry. GLA.
Fully in on what I wanted to buy. Now signing off under investor mode for awhile. Some interesting articles in gold eagle news this morning The one I found interesting is why the on-going recession is not in the stats. It was absolutely spot on with what is going on.
Sry I should have said I returned to work during covid, but I am now back in full retirement .
I am a retired UK GP. I retired to work during Covid, but I am now back in full retirement . I think that the vaccine was a very good thing particularly for people over 50 and those in poor health. Without the vaccine many millions of particularly old people would have died. I agree that for healthy young people the relative risk of death or even long term damage were reasonably low. But, in my view the vaccine and being able to have diagnostic testing were good things . But as with most things, individuals need to assess risks. For instance at 73 yo I really should not be riding my CBF 1000 Honda motor cycle !!!
Zero jabs for me and my young family
Best decision I've ever made
The sheeple around here are still wearing masks